Rich Development bags SoCal mixed-use project

Purchase includes office building, boutique hotel

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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 supermarket will be replaced with a 32,025-square-foot Marukai Pacific Market, which is slated to open in summer 2004. Marukai Pacific Market will sell specialty food items, ceramics, health-related prod...