A Torrance shopping center anchored by Korean American grocery chain Hannam Chain was sold last month at the highest price recorded for a South Bay retail property transaction in 2025.
According to real estate data firm CoStar, Village Del Amo in Torrance was sold for $108.5 million to Manny David and Ophelia David, a Redondo Beach investor couple who also operate nursing facilities. CoStar said it was the highest-priced retail property sale in the South Bay in 2025.
Village Del Amo was bought in 2004 by DJM Capital Group, a Costa Mesa-based real estate developer, for $36.3 million. The property sold for nearly three times that amount in a little more than two decades.
Industry sources interpreted the deal as a sign that even as investment-focused commercial real estate has lost popularity, investor preference is growing for neighborhood-oriented shopping centers that generate stable returns.
Stefan Neumann, a broker with NAI Capital Commercial who represented the buyer, said, “In recent years, large investors’ attention had been focused on supply-constrained assets such as apartments and logistics warehouses, but now it is moving to retail assets that meet both everyday consumption and leisure demand.”
He added that grocery-anchored neighborhood shopping centers are considered relatively safe assets because they are less exposed to direct competition with e-commerce.
Village Del Amo is anchored by Hannam Chain and BevMo, described as California’s largest liquor chain. The property also includes restaurant chains such as Marugame Udon and Benihana, along with Starbucks, US Bank, Wells Fargo, Korean American bank PCB Bank, and office space.
David Shaby, also a broker with NAI Capital Commercial, said, “Retail real estate assets have faced tough evaluations from investors in recent years, but assets with strong locations and grocery-centered layouts remain highly competitive.”
Separately, real estate investment firm CBRE said retail property investment volume in the Los Angeles area exceeded $1.6 billion in the third quarter of 2025, far above $637 million in the previous quarter. In the South Bay, the retail vacancy rate was 6.9%, lower than the Westside (9%) and Downtown Los Angeles (8.4%), suggesting relatively stronger stability.
Neumann said, “Over the past 10 to 15 years, the South Bay’s population mix and income levels have improved significantly, making it an attractive area not only for housing but also for businesses and retail tenants.”
BY HOONSIK WOO [woo.hoonsik@koreadaily.com]
