Joint Venture Acquires The Terraces

Rancho Palos Verdes, Calif. — Trader Joe’s anchors the community shopping center.

Rancho Palos Verdes, Calif. — Terraces LLC, a joint venture between Combined Properties and Saban Capital Group, has purchased The Terraces, a 172,803-square-foot community shopping center in Rancho Palos Verdes. Built in 1959 and most recently renovated in 2008, The Terraces is 90 percent leased. The center is anchored by Trader Joe’s, Marshalls and LA Fitness. The seller was Terraces Ranchos Palos Verdes LLC, a private Northern California-based company that acquired the property in 2005. Bill Bauman, Kyle Miller and Marc Navarro with Studley’s national retail services group represented the seller in the transaction. Combined Properties was self-represented by its Beverly Hills, Calif., office.

Tagged under