In a joint-venture acquisition, Century City-based real estate investment and operating company Alta West Partners, Santa Monica-based investment adviser Glendon Capital Management and an affiliate of Beverly Hills-based private investment firm A2 Capital Management closed on the purchase of an 83,000-square-foot flex research and development asset in Torrance for $21.4 million.
Located at 3401 Del Amo, the building sits on over 4.5 acres of land in the South Bay.
“This property aligns with Alta West’s investment strategy, and we were pleased to have supported them throughout a very smooth closing process,” Brett Racanelli, an executive director at Cushman & Wakefield, said in a statement. “Torrance continues to attract innovative companies in technology, aerospace and advanced manufacturing, making this a prime location for research and development and flex users.”
Racanelli, along with Cushman & Wakefield’s Nathan Piehl and Jeff Morgan represented the buyer as well as the seller in an all-cash transaction and will lead the property’s leasing efforts going forward.
Not marketed since the 1990s
Originally built to accommodate Texas-based Kubota Tractor Corp., the asset is constructed of steel and concrete with 28-foot clear heights, five roll up doors, a detached loading dock, full wraparound surface parking and 2,000 amps of power. It has not been publicly marketed for lease since its construction in the 1990s.
Its purchase marks Alta West Partners’ third acquisition over the past six months, bringing its total portfolio size to 450,000 square feet. Alta West plans to renovate to attract high-quality tenants, according to a release.
