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6/10/16
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A 97.4k sf, office building in El Segundo traded in a recent sales transaction valued at $30.5 mil ($313/sf). The high-quality, three-story property is 97 percent occupied with 70% of the building taken by media giant Time Warner Cable, a tenant since 1991.
The building, located at 550 Continental, east of Sepulveda Blvd and north of El Segundo Blvd, was purchased by Brightforward LLC from Colony Capital. The property is a garden-style office environment with continuous glass line, and efficient floor plates with traditional bay depths. It is in close proximity to retail and dining along with excellent access to the 105 and 405 freeways.
The buyer was represented by NGKF Senior Managing Director David Ghermezian. The seller was repped by an NGKF Capital Markets team comprised of Kevin Shannon, Ken White and Mike Moore.
“The beach cities of El Segundo, Manhattan Beach and Hermosa Beach have become one of LA’s premier live and work environments. This property provides a strong repositioning strategy to substantially increase cash flow by converting the building into creative office space, making it a strong investment opportunity,” said Shannon.
“El Segundo is benefitting from the strengthening West Los Angeles market. To that end, El Segundo has attracted more than 1.5 msf from West Los Angeles in the past decade and currently over 200k sf of additional tenants are actively negotiating in the market,” Shannon added.
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