Newmark has completed the $19 million sale of a 75,711-square-foot office property in Torrance, CA. The asset is fully occupied by Unify Financial Credit Union who uses the space as its headquarters and recently signed a 10-year lease.
Newmark’s Capital Markets President, West Coast Kevin Shannon, Executive Managing Director Ken White, and Managing Director Scott Schumacher represented the seller, Continental Development Corporation. The buyer, Miramar Property Group, LLC, was in a 1031 exchange and was self-represented. The sale closed at a price per square foot of $251.
“The property offered the buyer an ideal location in a desirable submarket with a solid long-term triple-net lease in place,” said Shannon. “The South Bay market continues to strengthen as tenants from other pricier Los Angeles markets seek an amenity-rich and easily accessible location. The price differential between Torrance and the El Segundo market has never been this large, which is attracting capital to Torrance.”
Built in 2004 and situated on 4.44 acres, the four-story institutional quality asset is located at 1899 Western Way. It is adjacent to the 116-acre former Toyota campus which is currently under contract with an investor that plans to redevelop the site; the 2.3-million-square-foot newly renovated Del Amo Fashion Center; and the 405, 110, and 91 freeways.
Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. Newmark’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
Newmark is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.