Newmark is pleased to announce that Team Shannon Private Capital Group has completed the $11.3 million sale of a 49,336-square-foot office building located at 3520 Challenger Street in Torrance, CA, a city within the South Bay market of Los Angeles County. The property is fully occupied by a single tenant, Bobit Business Media, a leading media publisher and event producer providing a suite of digital media and marketing solutions, events and print media.
Team Shannon Private Capital Group, led by Executive Managing Director Sean Fulp and Co-Head of U.S. Capital Markets Kevin Shannon, focuses on office and industrial properties valued between $5 million and $25 million, bringing institutional capabilities to small and mid-sized transactions. Fulp, along with Executive Managing Director Ken White, Managing Director Ryan Plummer and Director Mark Schuessler represented the seller, Fairway, LLC. The buyer, Excelsior Partners, was self-represented.
“Our team conducted a targeted early release of the property to our database of investors based on their acquisition criteria and Excelsior Partners acted quickly, submitting a non-contingent offer above ask on day one,” said Plummer. “With a new 10-year lease in place, the property offers attractive cash-on-cash returns and is a great, long-term asset for its portfolio.”
Built in 1990 and renovated in 2016, the two-story property is situated on 2.48 acres and offers a flex industrial component with approximately 5,200 square feet of storage warehouse space accessible by two dock-high loading doors and one ramped loading area. Located within four miles of the 405, 110 and 91 freeways, the property offers accessibility to regional office markets in Los Angeles and Orange County and numerous nearby amenities.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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