Los Angeles – Aug. 3, 2016 – CBRE Group, Inc. announced the sale of the Artesia & Prairie Center in Torrance, California, for $7.9 million to a local private investor.
The corner strip mall located at 3931 & 3971 Artesia Boulevard was sold by Makena Great American Prairie, a Las Vegas-based real estate company and was represented by CBRE’s Alex Kozakov and Patrick Wade. The buyer was represented by Lee & Associates.
The property contains twelve tenants, including daily-use service providers and well-known coffee and food retailers and is visible from the adjacent 405 Freeway.
The center, which is a 100 percent leased, is located in a market with nearly 300,000 people with an average household income of $86,000 in a 3 mile radius, and more than 56,800 cars are traveling past the retail center each day.
“This is a prime South Bay location,” said Kozakov. “The center has terrific visibility from both Artesia Boulevard and the 405 Freeway. This is one of the stronger retail markets in LA County.”
Adds Wade “Centers such as Artesia & Prairie that feature well-known chains along with service and daily needs tenants are very attractive to investors right now as they provide a great and safe yield alternative.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
