A 60,804-square-foot office building in Torrance has sold for $15.75 million, Newmark Knight Frank announced Feb. 13.
Newmark Knight Frank’s Sean Fulp, Ken White, Ryan Plummer and Mark Schuessler represented the seller. The seller was an affiliate of Transpacific Development Company.
The buyer, Optimus Properties, represented itself in the transaction.
The office building is at 2325 Crenshaw Blvd. It was built in 1989 and sits on 5.5 acres.
“This well-located, single-tenant South Bay asset received strong, nationwide interest from exchange buyers and investors alike,” Plummer said in a statement. “Given the compelling asset and thriving market with good long-term prospects, the bidding environment was highly competitive. Out of the 12 offers received, Optimus was awarded the deal because they were able to move quickly, going non-contingent on day one.”
The office vacancy rate in Torrance during the fourth quarter of 2018 was 16.7 percent, down from 21.6 percent the previous year, according to data from Jones Lang LaSalle Inc. There was no new office space under construction in Torrance at the end of the year.
Commercial real estate reporter Hannah Madans can be reached at firstname.lastname@example.org. Follow her on Twitter @HannahMadans
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