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by CareyBot

CB Richard Ellis Retail Services represented Rich Development Co. in the purchase of the 143,892-square-foot Pacific Square in Gardena, Calif. The value of the transaction was more than $11 million. The property is located at 1600 W. Redondo Beach Blvd. The purchase included the 90,000-square-foot supermarket-anchored shopping center, which was 98 percent occupied at the time of sale, and a 28,105-square-foot office building, which had a vacancy rate in excess of 30 percent at the time of purchase. The sale also included a 46-room boutique hotel. The seller had owned and operated both the supermarket and the hotel. Rich Development Co. plans to operate the hotel and renovate the shopping center and the office building. Gardena, Calif.-based Kataoka was the seller. In addition, the sup...