Empty Nest: Meridian purchased vacant office building in Torrance for $7.5M.

Empty Nest: Meridian purchased vacant office building in Torrance for $7.5M.

A 95,685-square-foot industrial building in Santa Fe Springs sold for $20.5 million, according to a Jan. 10 announcement from brokerage firm Klabin Co./CORFAC International.

The building is located at 12128 Burke St.

The warehouse is set on almost 5 acres, and has eight dock-high loading positions and 140 parking spots.

The Klabin Co.’s Todd Taugner, Courtney Bell, Max Farkas and Zach Middleton represented both the seller, Stadler Family Trust, and the buyer, Black Creek Group.

“Buildings for sale are few and far between in the L.A. industrial market, and Santa Fe Springs is consistently one of the most sought-after locations,” Taugner said in a statement. “As an experienced real estate firm with a proven track record throughout the California region, Black Creek Group is the ideal buyer for this property and the seller could not be more pleased.”

Black Creek Group will renovate the property before leasing it.

“This was an excellent value-add opportunity for Black Creek Group to purchase a vacant, Class A industrial building in a land constricted market,” said Gregg Boehm, senior vice president of acquisitions and development for Black Creek Group, in a statement. “Not only does the building feature modern specifications and space for additional parking, its infill location within the greater Los Angeles area, will allow the future tenant quick access to the nearly 25 million people that reside in Southern California.”

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Bitmax Signs $6M Lease in Hollywood

Bitmax, a content-management company, has signed a 9,201-square-foot lease valued at $6 million in Hollywood.

The building Bitmax will occupy, known as Hollywood 959, is located at 959 Seward St. It will serve as the company’s headquarters.

Hollywood 959 is a 245,000-square-foot creative office campus developed by the JH Snyder Co. in 2015.

NAI Capital’s Michael Arnold represented Bitmax on the lease. First Property Realty Corp. represented JH Snyder Co., the building’s owner.

“This outstanding location is in the heart of Hollywood’s Media District − across from Hollywood Center Studios,” Arnold said in a statement. “The building is LEED Gold certified and has an exciting work environment with open, green outdoor spaces. The blank canvass allowed my client to design the most efficient workplace while being able to express their company’s culture throughout the premises.”

Bitmax is expected to move in during the second quarter of the year. The lease will last for more than 10 years.  

“We are excited to take Bitmax to its next level of growth in these new offices, providing world-class media management and delivery facilities and services to content owners around the world. We love being in the heart of Hollywood supplying these critical services to our clients,” said Richard Martin, Bitmax chief executive and co-founder, in a statement.

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Torrance Building Purchased for $7.5M

A vacant office building in Torrance was bought by San Ramon-based developer Meridian for $7.5 million from Renton, Wash.-based Providence Health & Services.

Meridian plans to spend $3.6 million upgrading the building. The company announced the purchase Jan. 8.

The 26,000-square-foot medical office building, at 3531 Fashion Way, is across the street from the Del Amo Fashion Center.

“The building was being sold 100 percent vacant,” said R.J. Sommerdyke, director of acquisitions at Meridian, in a statement. “Given the vacancy, building age and location, the property was being marketed as a redevelopment opportunity. The bidding process was competitive, and the property ultimately sold for what we believe is land value. The purchase price translated to a compelling price per square foot for a medical office building at this location.”

The property was built in 1961. Meridian plans to give the building an exterior facelift, modernize the lobby, and add restrooms, a new roof, HVAC system and landscaping.

The improvements are expected to be completed by the third quarter of 2019.

Meridian has a tenant that they declined to disclose for half of the building.

Jones Lang LaSalle Inc.’s Brendan McArthur, Steve Solomon, Jeff Adkison and Kristen Bowman represented the seller. Meridian represented itself.

Newmark Knight Frank’s John Scruggs is the building’s leasing agent.

Staff reporter Hannah Madans can be reached at hmadans@labusinessjournal.com or 323-556-8337.

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