Torrance Office Asset Changes Hands in $17M Deal
- Jan 31, 2017
By Mihaela Coste
Torrance, Calif.— Barak Investors Group and MIP Investment recently announced that it has arranged a $16.8 million acquisition of a two-story office building in Torrance, on behalf of Parkview Management Group Inc. JLL representatives Steve Solomon and Kristen Bowman marketed the property on behalf of seller AMC Investments.
Located at 20221 Hamilton Ave. on a 3.4-acre site, the 66,825-square-foot Class B office building was completed in 1982 and renovated in 2002 and in 2016. The asset features standard ceilings and grade level parking, with a parking ratio of 3.5 per 1000 square feet and offers easy access, being in close proximity to Interstate 110 and Interstate 145 and within walking distance to Del Amo Fashion Mall and downtown Torrance.
According to Yardi Matrix data, the property last traded in 2007, when AMC Investments acquired it for a price tag of $14.7 million. The County of Los Angeles, Child Support District Division has occupied the entire property since 1992 and it has recently extended the existing lease through December 2024. During the past years, the tenant has carried out extensive capital improvements, including $2.4 million in 2002, when the property underwent renovations.
Image courtesy of Yardi Matrix