Tag: record price

A well-known shopping center in Torrance, anchored by a grocery store, has sold for a record price in the South Bay as real estate investors look for retail properties that don’t have to compete directly with online shopping.

Village Del Amo sold for $108.5 million last month, the highest price paid in 2025 for a retail property in the South Bay, according to real estate data provider CoStar.

It last changed hands in 2004 for $36.3 million.

The buyers were Emmanuel “Manny” and Ofelia David, Redondo Beach investors and nursing home operators. The seller was Costa Mesa real estate developer DJM Capital Group.

The buyers “have been coming to this neighborhood serving retail center for decades and jumped at the opportunity to own it,” said David Jordon of SSV Properties, which will manage the property. “They view this as a generational investment and are looking forward in the coming years to improving upon the tremendous success that the center has enjoyed for decades.”

The leap in its value was attributed in part to investors’ desire to acquire unglamorous yet financially well-performing shopping centers.

In greater Los Angeles, apartments and industrial buildings that are in short supply for tenants “have been the darlings” for big investors over the last few years, said real estate broker Stefan Neumann of NAI Capital Commercial, who helped represent the buyer in the transaction.

Now, institutional investors such as pension funds and investment banks are zeroing in on retail centers that serve everyday needs and leisure activities, Neumann said.

Neighborhood shopping centers that are typically anchored by grocery stores are “e-commerce proof,” Neumann said, especially if they include other services that people use in person such as fitness centers, restaurants and medical-related services.

Village Del Amo is anchored by Korean grocer Hannam Chain and warehouse spirit seller BevMo, the state’s biggest liquor chain.

It also has multiple restaurants including Benihana, bank branches and offices for rent.

“While retail has faced heightened scrutiny from investors in recent years, this transaction underscores the strength of well-located, grocery-anchored assets in affluent markets,” said real estate broker David Shaby of NAI Capital Commercial.

Investment sales of retail properties in the Los Angeles area totaled more than $1.6 billion in the third quarter of 2025, compared to less than $637 million in the previous quarter, real estate brokerage CBRE reported.

South Bay retail properties had a vacancy of 6.9%, compared with more than 9% on the Westside and nearly 8.4% in downtown Los Angeles.

“In the last 10 or 15 years, the demographics of the South Bay have become increasingly desirable for not only residents, but for businesses and retail tenants,” Neumann said. “Incomes, not just in the beach cities, but throughout the South Bay are very strong.”