Chartwell Real Estate Development has recently acquired the Park Pacific Shopping Center, a prime retail property in Hermosa Beach, for $27.8 million. The center is located at 1100 Pacific Coast Hwy and spans over 49,911 square feet. It currently houses popular tenants such as Trader Joe’s, Starbucks, El Pollo Inka and Five-Below.
The previous owner of the site was the Bacon family who had owned it since 1949 when it operated as Les Bacon and Son’s Ford car dealership before being converted into a shopping center in 1977. One of its notable features is the Vetter Windmill situated at the corner of Pacific Coast Highway and Aviation Boulevard making it an iconic landmark in Hermosa Beach.
JLL’s senior director of capital markets team Daniel Tyner along with managing directors Gleb Lvovich and Geoff Tranchina represented Chartwell during this transaction.
According to Tyner: “This deal presented a unique opportunity to acquire a grocery-anchored center in one of Los Angeles’ most sought-after coastal submarkets.” With this acquisition by Chartwell Real Estate Development, Park Pacific Shopping Center will continue to be an integral part of Hermosa Beach community.
