Chartwell Real Estate Development Acquires Park Pacific Shopping Center in Hermosa Beach

Park Pacific Shopping Center in Hermosa Beach was acquired by Costa Mesa-based Chartwell Real Estate Development for $27.8 million. The grocery-anchored shopping center was sold by a group of private investors for the first time since its development more than 50 years ago.

“We continue to look for excellent retail investment opportunities in prime coastal infill locations such as this one, and we are excited about the future of Park Pacific,” said Henry Pyle, operating partner of Chartwell Real Estate Development, in a statement.

Located at 1100 Pacific Coast Highway, the 50,000-square-foot shopping center features a Trader Joe’s grocery store and a mix of local and national stores, including Starbucks and Five Below.

JLL Investment Sales and Advisory led by Daniel Tyner, Gleb Lvovich and Geoff Tranchina brokered the sale.