El Dorado Shopping Center, located in the East Long Beach area, was sold for $21.25 million, a regional investment group announced Monday.

The 74,500-square-foot shopping center currently rents spaces to Grocery Outlet, Goodwill Store & Donation Center, Los Alamitos Kids Resale clothing store, Twice Baked Gluten Free Baking Company, Benley Vietnamese Kitchen, AJ Appliance 4 Less and the Kick It Up Dance school.

Hanley Investment Group Real Estate Advisors, based in Orange County, facilitated the sale for DPI Retail of El Segundo to Milan Capital Management of Orange, according to a release sent to the Long Beach Business Journal.

Milan Capital Management is a real estate investment company that develops and manages both commercial and residential properties throughout Southern California.

“The property offered a rare value-add opportunity to lease up a 5,040-square-foot former restaurant located on the hard corner at Norwalk Boulevard and Wardlow Road, which has 40,000 cars per day,” Hanley Investment Group Executive Vice President Kevin Fryman said in a statement. “The buyer could re-tenant the existing building or execute a ground lease.”

The center holds a 10-year lease with Grocery Outlet that began in 2019 with 10% increases every five years, which demonstrates its “commitment to the site,” Fryman said.

“Investors see a flight to safety and security in the grocery sector, especially with value grocery retailers like Grocery Outlet,” he added.

More than 513,000 residents with an average household income of $120,000 live within a 5-mile radius of the shopping center, according to the news release.

El Dorado Shopping Center, built in 1965 and renovated in 2003, sits on 7 acres at the intersection of Norwalk Boulevard and Wardlow Road in Long Beach.

Kat Schuster is the editor at the Long Beach Post and the author of Off the Clock, a weekly newsletter. You can reach her at kat@lbpost.com.