Newmark is pleased to announce that Team Shannon Private Capital Group has completed the $15.75 million sale of 2325 Crenshaw Boulevard, a 60,804-square-foot office building in Torrance, CA. The property is fully occupied by a single tenant, Los Angeles County Department of Children and Family Services, which has been located at the property since 1999 and recently renewed its lease through 2024.
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 and Executive Managing Director Ken White, Managing Director Ryan Plummer and Director Mark Schuessler represented the seller, an affiliate of Transpacific Development Company. The asset was purchased by Optimus Properties, LLC, which was in a 1031 exchange.
“This well-located, single-tenant South Bay asset received strong, nationwide interest from exchange buyers and investors alike,” said Plummer. “Given the compelling asset and thriving market with good long-term prospects, the bidding environment was highly competitive. Out of the 12 offers received, Optimus was awarded the deal because they were able to move quickly, going non-contingent on day one.”
Built in 1989 and situated on 5.5 acres, the single-story property is at the intersection of Crenshaw and Sepulveda Boulevards, two of the main South Bay thoroughfares, and provides easy access to the 405, 110 and 91 freeways. Also, the Del Amo Fashion Center is just one mile from the property and is the largest mall in the South Bay with retailers like Nordstrom, Hugo Boss, Brooks Brothers and over 40 new dining options. Torrance Promenade, Village Del Amo and Torrance Crossroads offer an additional one million square feet of retail within a two-mile radius.
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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