Growing South Bay Market Prompts El Segundo Deal
- Nov 22, 2016
Los Angeles—An office asset in the city’s El Segundo submarket was recently acquired by NSB Associates. The seller, an institutional investor, was represented by commercial real estate services firm Avison Young. The deal was handled by company Principal Alan Pekarcik and Senior Associate Chris Smith.
Located at 181-185 S. Douglas St., the two-story Class B office property offers a total of 59,395 square feet of space. Also part of the deal is a four-story parking structure that can accommodate 545 vehicles. The two structures occupy a 2-acre plot of land in the El Segundo submarket, in close proximity to El Segundo Boulevard. Currently operating at full occupancy, the multi-tenant asset offers two ground-level doors, an elevator, and excess parking that provides an additional revenue stream. The property is located in close proximity to the 105 and 405 freeways, as well as to the Los Angeles International Airport.
“The South Bay office market continues to see shrinking vacancy, rising rents, and an influx of capital investment that is attracting energy, automotive, tech, and media industries as they seek alternatives to pricier Los Angeles submarkets such as the Westside, Playa Vista, and Santa Monica,” said Smith, who noted that the asset provides the new owner with value-add potential.
Image courtesy of Avison Young