CASE STUDY

Western Plaza Shopping Center

How We Turned a Run-Down Strip Mall Into a $24.5M Trophy Asset

In early 2024, we acquired Western Plaza—a neglected 32,000-square-foot retail center in Rancho Palos Verdes, one of Southern California’s most affluent markets—for $8.4 million. Years of mismanagement had left the property with high vacancies, code violations, below-market rents, and no clear direction. We saw opportunity where others didn’t.

Through a full redevelopment, strategic re-leasing to national credit tenants, and a complete repositioning, we transformed the asset. In under two years, the project was fully executed, resulting in a $24.5 million exit and more than doubling investor equity.

IRR

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Return on Cost

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Net Operating Income

$ 0

Purchase Price

$ 0 M

Exit Price

$ 0 M

Equity Multiple

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The Strategy Behind The Success

Western Plaza wasn’t just outdated — it was severely neglected, dirty, and unsafe. Despite its location in one of Southern California’s wealthiest zip codes, the center was half vacant, littered with trash, and surrounded by graffiti. Most investors passed. We saw the opportunity beneath the surface.

This was never just a cosmetic flip. We executed a full redevelopment, rebuilding the asset from the ground up and repositioning it as a modern, high-performing retail center. The strategy combined major infrastructure improvements with a disciplined leasing plan designed for long-term cash flow and institutional exit potential.

In under two years, the center was stabilized and sold for $24.5 million, more than doubling investor equity.

Project Highlights

Ground-up redevelopment
All major systems replaced (electrical, mechanical, water, gas)
Site regraded with new retaining walls and drainage solutions
Parking lot fully rebuilt with new lighting and landscaping
Modern storefronts with oversized glass façades
New monument signage to increase visibility and traffic
Targeted leasing strategy focused on food, wellness, and essential services
National and regional credit tenants aligned with the local market
Stabilized and exited in under two years
$24.5M sale delivering 2×+ investor equity

Tenant Highlights

Western Plaza has a selected tenant mix, including both national and locally owned businesses.

What Our Investors Are Saying

*Gathered from Investor Satisfaction Surveys

“West Hive stands out in retail development through a contrarian strategy that reduced risks while creating strong value for investors and revitalizing the surrounding community.”

“Western Plaza is my first West Hive investment and it has progressed as promised regarding timeline and budget along with outstanding communication, both timely and transparent. Bravo.”

“I’ve been thoroughly impressed with West Hive’s exceptional communication, professionalism, and transparency. Their team consistently provides clear and timely updates, ensuring that we are always informed and aligned. The level of professionalism they maintain in every interaction instills confidence, and their transparency fosters a strong sense of trust. Working with West Hive has been a positive experience, and I look forward to working with them on future opportunities.”

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