Newmark Capital Markets has completed the sale of Harbor Business Center, a two-building 117,127-square-foot office park in Torrance, CA, a city in the South Bay submarket of Los Angeles. Harbor Business Center is 52 percent occupied and was marketed to investors as a prime value-add opportunity.
Newmark Capital Markets President, West Coast Kevin Shannon, Executive Managing Director Ken White and Managing Director Michael Moore represented the seller, Saunders Property Company. The buyer, an entity owned by a fund managed by Westport Capital Partners LLC, was self-represented.
Built in 1984 and situated on 5.21 acres at 19700 and 19750 South Vermont Ave., Harbor Business Center features large floor plates, atrium style lobbies and abundant parking. The property is adjacent to the Holiday Inn Hotel and is within the 70-acre Harbor Technology Center Business Park. It is within the 190th Street submarket which is coveted by local users as it offers easy freeway access, strong demographics and a variety of nearby housing options.
“Harbor Business Center provides the buyer with a repositioning opportunity that will take advantage of the ongoing tenant and investor focus on the 190th Street area, which has increased significantely with El Segundo’s momentum,” said Shannon. “The price difference between the 190th Street submarket in Torrance and El Segundo has never been greater, and newly renovated Torrance product is seeing much stronger demand.”
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, corporate advisory services, consulting, project and development management, property and corporate facilities management services, valuation and advisory services, and capital markets services provided through its Newmark Capital Markets brand. 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.