Manhattan-based Newmark Knight Frank has completed the $48.75 million sale of the Madrona Business Campus, a four-building Class A office and medical property in Torrance, the real estate firm said Wednesday.
Built in 1990 and over 11.46 acres, the property is 95 percent leased to three major tenants: American Honda Finance Corp., John Deere Co. and Kaiser Foundation Health Plan. The property is located at 20780, 20790, 20800 and 20810 Madrona Avenue.
“Madrona Business Campus is one of Central Torrance’s top office buildings,” Kevin Shannon, NKF’s capital markets president, said in a statement. “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.”
Shannon, NKF 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 Co., NKF said. The buyer, Continental Development, was self-represented, the firm said.
Real estate reporter Neil Nisperos can be reached at firstname.lastname@example.org. Follow him on Twitter @ReporterNeil for the latest in L.A. real estate news.
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