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Flex Campus in South Torrance Sells for $21 Mil

8/26/22

Atrium Business Center, a 114k sf, flex office/industrial project located at 23800-23868 Hawthorne Blvd in South Torrance, sold for $21 mil ($184/sf) in an off-market deal.

Initially built in 1973 as an industrial park, the five-building project has gradually transformed into affordable office space for the Beach Cities communities in the late 1980s. Four of the five buildings are 24k sf in size, consisting of 14k sf of ground floor space and 10k sf of second-story perimeter offices surrounding an open-air atrium above.

Renovation plans include allowance for ground-level roll-up access for light industrial warehouse units, an open mezzanine concept for the office space, and open-air second-story atriums allowing tenants to use outdoor patio amenities—an increasingly common request of most office tenants in the post-Covid environment. In addition, the project will undergo a complete modernization, including landscaping, interior, and exterior upgrades, and Tenant amenity areas.

The buyer was LCG Atrium LCC, a joint venture between Ledo Capital Group and Greg St. Clair of St. Clair Commercial. Thacher Goodwin, Kyle Degener, and Carter Rudnick with Colliers represented the seller, Kay Properties, in the transaction and will remain the leasing team for LCG Atrium LLC. According to Goodwin, the new ownership group is currently in the process of repositioning the project, allowing for a mixed-use of small flex warehouse, production, and tech spaces, coupled with a unique creative office twist.

“Atrium is one of the most unique opportunities for repositioning an asset in the South Bay market,” said Anthony J. Brent, Managing Principal and Founder, Ledo Capital Group. “It provides small well-amenitized industrial and production spaces that are irreplaceable today, adjacent to the major coastal housing markets along Hawthorne Blvd.”




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