Miramar Capital Snags $19M CA Office Property
- Apr 18, 2018
Miramar Capital has acquired a Class A office building in Torrance, Calif. from Mar Ventures for $19.1 million, or $247 per square foot. NKF Capital Markets completed the sale on behalf of the seller, who was the original developer of the asset.
Located at 20285 S. Western Ave., the property is triple-net leased to Maritz Holdings Inc., a sales and marketing services company. Totaling 77,201 square feet across three stories, the 2000-built asset is also home to South Bay Cities Council of Governments, Verengo Solar and Skyline Urology, according to Yardi Matrix. The building is situated on 3.8 acres of land within three miles of the 405, 110 and 91 freeways. The property is also between the Palos Verdes Peninsula and the Manhattan/Hermosa/Redondo Beach cities, adjacent to the 110-acre Toyota Campus redevelopment project.
NKF Capital Markets’ Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Director Ken White and Managing Director Michael Moore represented Mar Ventures in the transaction. Miramar Capital represented itself.
“Torrance is clearly benefiting from the momentum of the neighboring El Segundo submarket,” Shannon said in a prepared statement. “The depth of capital for Torrance has tripled in the last two years.”
Image courtesy of NKF Capital Markets