Chicago-based Bridge Development Partners has sold to a Morgan Stanley fund the 512,000-square-foot industrial space, Bridge Point South Bay, at 20333 Normandie Ave. near Torrance for roughly $103 million, or about $200 per square foot, according to sources.
Construction on the property finished this year. Cushman & Wakefield represented both parties to the sale. Its team was comprised of Rusty Smith, Steve Bohannon, Rooney Daschbach, Eric Daschbach, Jeff Chiate, Jeff Cole, Ed Hernandez and Mike Adey.
Cushman & Wakefield representatives declined to comment.
Nordstrom already has signed a lease for the entire building from Morgan Stanley’s Prime Property Fund, according to sources.
The average asking rent for industrial space in the South Bay in the first quarter of 2018 was 92 cents per square foot – the most expensive in Los Angeles County, according to data from Jones Lang LaSalle Inc.
Real estate reporter Ciaran McEvoy can be reached at email@example.com or (323) 556-8337.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- Industrial Gets Sexy
- New Projects Raise Rents in Q2 Despite Vacancies
- Brokers Hold High Ground
- Carson Industrial Properties Land Two Large Leases
- Who's Who in Real Estate
- ACCO Buys Pasadena Office for $112 Million
- CRE Awards 2019: Best Industrial Project
- Nearly 120,000-Square-Foot South Bay Office Park Sells for Nearly $15 Million