Village Del Amo sold last month for $108.5 million, the highest price paid for a retail property in the South Bay in 2025, according to real estate data provider CoStar.
It last changed hands in 2004 for $36.3 million.
The buyers were Emmanuel “Manny” and Ofelia David, Redondo Beach investors and nursing home operators. The seller was Costa Mesa real estate developer DJM Capital Group.
The buyers “have been coming to this neighborhood shopping center for decades and jumped at the chance to own it,” said David Jordon of SSV Properties, which will manage the property. “They view this as a generational investment and look forward to improving on the tremendous success the center has enjoyed for decades in the years to come.”
The jump in value was partly attributed to investors’ desire to acquire unglamorous but financially well-performing shopping centers.
In greater Los Angeles, apartments and industrial buildings in short supply for renters have been “the darlings” of major investors in recent years, said real estate agent Stefan Neumann of NAI Capital Commercial, who helped represent the buyer in the transaction.
Now institutional investors such as pension funds and investment banks are focusing on shopping centers that cater to daily needs and leisure activities, Neumann said.
Convenience shopping centers that are typically anchored in supermarkets are “e-commerce proof,” Neumann said, especially if they also include other services that people use personally, such as fitness centers, restaurants and medical services.
Village Del Amo is being founded by Korean grocer Hannam Chain and spirits retailer BevMo, the state’s largest liquor chain.
It also has several restaurants including Benihana, bank branches and offices for rent.
“While the retail industry has come under increasing scrutiny from investors in recent years, this transaction underlines the power of well-located, supermarket-anchored assets in affluent markets,” said real estate broker David Shaby of NAI Capital Commercial.
Investment sales of retail properties in the Los Angeles area totaled more than $1.6 billion in the third quarter of 2025, up from less than $637 million in the previous quarter, according to real estate brokerage. CBRE reports this.
South Bay retail properties had a vacancy rate of 6.9%, compared to more than 9% on the Westside and almost 8.4% in downtown Los Angeles.
“Over the past 10 to 15 years, the demographics of the South Bay have become increasingly attractive, not only to residents, but also to businesses and retail tenants,” Neumann said. “Incomes, not just in the beach towns, but throughout the South Bay, are very strong.”
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