NKF Brokers Sale of South LA Office Building

Miramar Property Group acquired a 75,711-square-foot property in Torrance, Calif., from Continental Development Corp. The asset is fully leased to Unify Financial Credit Union.

1899 Western Way in Torrance, Calif.
1899 Western Way in Torrance, Calif.

Continental Development Corp. sold a 75,711-square-foot office building in Torrance, Calif. to Miramar Property Group. The asset changed hands for $19 million.

Located at 1899 Western Way, the office building sits a few minutes from interstates 405 and 110. Completed in 2004 and situated on 4.4 acres, the asset is fully leased to Unify Financial Credit Union, which uses the space as its corporate headquarters.

Newmark Knight Frank’s Kevin Shannon, Ken White and Scott Schumacher represented the seller. The 1031 exchange buyer represented itself. Earlier this month, Shannon also arranged the sale of Madrona Business Center in Torrance.

“The property offered the buyer an ideal location in a desirable submarket with a solid long-term triple-net lease in place,” Shannon said in a prepared statement. “The South Bay market continues to strengthen as tenants from other pricier Los Angeles markets seek an amenity-rich and easily accessible location.”

Image courtesy of Newmark Knight Frank