Newmark has completed the $48.75 million sale of Madrona Business Campus, a four-building Class A office/medical property totaling 211,407 square feet in Torrance, CA.
Newmark’s Capital Markets President, West Coast Kevin Shannon, Executive Managing Director Ken White, Managing Director Michael Moore, and Managing Director Rick Stumm, along with leasing market assistance from Tim Vaughn of CBRE, represented the seller, Dominguez Investment Company LLC. The buyer, Continental Development, was self-represented.
“Madrona Business Campus is one of Central Torrance’s top office buildings,” said Shannon. “Continental Development plans on repositioning the building and its attractive atrium area in a manner consistent with its other Class A South Bay office assets.”
Built in 1990 and situated on 11.46 acres, the property features high-end finishes and quality construction. Located at 20780, 20790, 20800, and 20810 Madrona Avenue, it is 95 percent leased predominantly to three major credit tenants; American Honda Finance Corporation, John Deere Company and Kaiser Foundation Health Plan.
The property is within a prime Torrance location just one mile from the newly renovated Little Company of Mary Hospital, the adjacent South Bay Civic Center, and the 2.3-million-square-foot newly renovated Del Amo Fashion Center. The property is also near the Torrance Marriott Hotel, the Residence Inn on Torrance Boulevard, and the Double Tree by Hilton, and is within four miles of the beaches of Redondo and Hermosa.
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 14,100 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.