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Tuesday, Nov 28, 2023

Miramar Capital Spends $19.1M for Torrance Office Building

Santa Monica-based real estate investment firm Miramar Capital has purchased a three-story, 77,200-square-foot office building at 20285 S. Western Ave. in Torrance for $19.1 million, or $247 per square foot, from property firm Mar Ventures Inc. of El Segundo.

Kevin Shannon, NKF Capital Markets co-head of U.S. capital markets, executive managing director Kevin White and managing director Michael Moore represented Mar Ventures in the deal. Miramar Capital represented itself.

The property was built in 2000 and sits on 3.8 acres of land just south of the 405 freeway and near the former campus of Toyota Motor Sales U.S.A. Inc., which has relocated to Plano, Texas, near Dallas.

“Torrance is clearly benefiting from the momentum of the neighboring El Segundo submarket,” Shannon said in a statement. “The depth of capital for Torrance has tripled in the last two years.”

Last year, NKF Capital Markets represented Continental Development Corp., which sold 1899 Western Way in Torrance, a 75,700-square-foot office building, for $19 million, or $251 per square foot. Miramar Capital purchased that property as well.

Real estate reporter Ciaran McEvoy can be reached at cmcevoy@labusinessjournal.com or (323) 556-8337.

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