By Lilly Riddle
An El Segundo development that hit the market in March has been promptly snatched up by an investor. Chargers Commons, a five-building retail center totaling 19,919 square feet, was sold on May 17 for $25.7 million, or roughly $1,290 per square foot. Previously listed for $26.5 million, or roughly $1,331 per square foot, the property found a buyer — an entity affiliated with El Segundo Chargers Plaza LLC. CBRE’s Retail Investments-West team, including Trent Steeves, Philip Voorhees, Megan Lanni and Erin Smith, spearheaded the marketing efforts on behalf of the seller, CDC Mar Retail I LLC, an entity affiliated with Continental Development Corporation, which acquired the property in 2020.
The shopping center sits on a 6.38-acre lot, encompassing several addresses from 2120 to 2160 El Segundo Blvd. Completed in 2022, Chargers Commons boasts full occupancy with a tenant mix including Starbucks, Raising Cane’s, Panera Bread, Panda Express, Kinecta FCU, Capriotti’s, the Los Angeles Chargers Team Store and California Chicken Café. The property benefits from a long-term tenant picture, with an average lease agreement of more than 11 years.
El Segundo’s submarket itself presents a potentially attractive opportunity for investors. Public records and documents indicate the area is situated in close proximity to the Airport/Aerospace District and Los Angeles International Airport. Additionally, a significant number of major employers are all within close proximity, including Raytheon, Oracle, Northrop Grumman, Mattel, L’Oreal, Chevron and Boeing. El Segundo boasts a wealthy and densely populated community, with an average household income exceeding $173,800 per year. The property itself is surrounded by a large consumer base, with an average daytime population exceeding 289,000 people within a three-mile radius.
While the initial asking price was $26.5 million, the final sale price of $25.7 million indicates strong investor interest in the El Segundo submarket, particularly for fully-occupied retail centers with a strong tenant mix and long-term leases. The sale of Chargers Commons highlights the continued strength of the retail market in strategic Los Angeles locations.
