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REDONDO BEACH, CALIF. — Hanley Investment Group Real Estate Advisors and Voit Real Estate Services have brokered the sale of a single-tenant retail property located at 537 N. Pacific Coast Highway in Redondo Beach. The Beacon Group Inc. sold the property to a Los Angeles-based private corporation for $7.6 million.
Built in 1981, the 17,160-square-foot property is net leased to Petco, which has occupied the building for 22 years and recently signed a 10-year lease extension.
Ed Hanley and Bill Asher of Hanley Investment Group, along with the seller’s advisor Joe Miller of Voit Real Estate Services, represented both the seller and buyer in the 1031 exchange transaction.