A roughly 151,000-square-foot office building in El Segundo sold for $63.5 million, brokerage Newmark Knight Frank announced Nov. 27.
NKF’s Kevin Shannon, Ken White, Rob Hannan, Laura Stumm and Michael Moll represented the seller, Griffin Capital Essential Asset REIT Inc.
Buyer SteelWave was self-represented.
Griffin Capital acquired the property, at 2160 Grand Ave., in 2014 for $52.7 million.
“There is a severe imbalance right now relative to the amount of opportunities available to the vast amount of value-add capital looking to be placed,” Hannan said in a statement.
“With its superb forward-looking (commercial real estate) fundamentals, its status as the (central business district) of the South Bay, and its highly affluent and educated labor force, El Segundo has emerged as a target market for capital across all return metrics, and especially value-add investors,” Hannan added.
Stumm said Steelwave could reposition the property, which was built in 1999 on 6.45 acres, into a creative office campus.
It has been a busy time for real estate in El Segundo. On Nov. 26, Brentwood-based GPI Cos. announced it closed $55.3 million in financing for a 200,000-square-foot building in the city.
GPI purchased the building at 2031 E. Mariposa Ave. for $84 million earlier this year. Previously an aircraft fabrication manufacturing facility, the building is currently leased by the research and design arm of Mattel Inc.
Commercial real estate reporter Hannah Madans can be reached at firstname.lastname@example.org. Follow her on Twitter @HannahMadans
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