IRVINE, Calif. - TelAve -- West Hive Capital has completed the sale of Western Plaza, a 28,190-square-foot neighborhood retail center in Rancho Palos Verdes, California, for $24.5 million.

The Irvine-based real estate investment firm, founded and led by Kyle Gorman and Brandon Lehman, acquired the underperforming property in 2024 for $8.4 million. Located at 29105–29229 S. Western Avenue at the intersection of Western Avenue and Trudie Drive, the 1950s-era center underwent a full-scale redevelopment and repositioning under West Hive Capital's ownership.

The comprehensive renovation program included a complete exterior façade modernization, upgraded building systems, and site and parking improvements that included the addition of a new 4,000 square foot outdoor dining plaza designed to support the center's food and beverage tenants. The firm also re-merchandised the tenant mix to better align with daily needs and service-oriented retail demand in the surrounding community.

New tenants secured during the repositioning include O'Reilly Auto Parts, The Habit Burger Grill, Urbane Café, Mattress Firm, Pacific Dental, Piccinni Italian, Alibaba Mediterranean, Pure Bean Coffee, and Koi Ramen, a locally owned restaurant concept. The improvements resulted in a fully stabilized asset at the time of sale.

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"We felt the only way to do it right was to improve the things that actually mattered, like upgrading utilities and parking, instead of just putting lipstick on it," said Gorman. "We were the new kids on the block when we took this on but hopefully taking it cradle to grave reflects what we are capable of and the standards we plan to bring to every redevelopment moving forward."

"Western Plaza is a clear example of our approach to retail investment. We target well-located centers and drive value through thoughtful capital investment and focused leasing efforts that serve the surrounding community.  That strategy continues to resonate with private and institutional investors." added Lehman.

West Hive Capital was represented by Jeff Lefko of Hanley Investment Group. Sheila Alimadadian of Marcus & Millichap represented the buyer, Aria Investments.

West Hive Capital (http://www.westhivecapital.com) specializes in value-add retail investments throughout the South Western United States and continues to expand its regional footprint.