LA-Area Office Building Changes Hands
- Mar 11, 2019
NKF’s Team Shannon Private Capital Group has assisted Fairway LLC in the disposition of a 49,336-square-foot office building in Torrance, Calif. The buyer, Excelsior Partners, has paid $11.3 million for the property, which is fully occupied by a single tenant, Bobit Business Media.
Located at 3520 Challenger St., the building is within 4 miles of interstates 405, 110 and 91, with easy access to Los Angeles and Orange County office markets. Numerous restaurants and shops are within walking distance of the property.
Built in 1990, the two-story building was renovated in 2016. The roughly 2.5-acre property has a flex industrial component with some 5,200 square feet of storage warehouse space.
Team Shannon Private Capital Group’s Executive Managing Director Sean Fulp, along with Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Director Ken White, Managing Director Ryan Plummer and Director Mark Schuessler, represented the seller. The buyer had in-house representation.
“Our team conducted a targeted early release of the property to our database of investors based on their acquisition criteria and Excelsior Partners acted quickly, submitting a non-contingent offer above ask on day one,” Plummer said in prepared remarks. “With a new 10-year lease in place, the property offers attractive cash-on-cash returns and is a great, long-term asset for its portfolio.”
The deal comes less than a month after another Torrance single-tenant office building sold for $15.8 million, with the help of a $10 million acquisition loan.
Image courtesy of Yardi Matrix