Newmark Capital Markets has completed the sale of a 77,201-square-foot Class A office building in Torrance, CA for $247 per square foot. The asset is triple-net leased in its entirely to Maritz Holdings, Inc., a sales and marketing services company.
Newmark Capital Markets Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Director Ken White and Managing Director Michael Moore represented the seller, Mar Ventures, the original developer of the property. The buyer, Miramar Capital, was self-represented.
Built in 2000, the property is situated on 3.78 acres of land at 20285 South Western Avenue. It is located within three miles of the 405, 110 and 91 freeways and is between the Palos Verdes Peninsula and the Manhattan/Hermosa/Redondo Beach cities. It is also adjacent to the 110-acre Toyota Campus redevelopment project which is anticipated to transform the local market once completed.
“Torrance is clearly benefiting from the momentum of the neighboring El Segundo submarket,” Shannon said. “The depth of capital for Torrance has tripled in the last two years.”
Newmark Capital Markets also represented the seller of the adjacent 1899 Western Way property in September 2017, which totaled 75,711 square feet for $19 million ($251 per square foot). Miramar Capital was the buyer on this transaction as well.
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), 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 “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 “BGCA”.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s and BGC’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.