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May 26, 2018
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Torrance Industrial Facility Changes Hands in $102 Mil Transaction

5/16/18

A newly developed 512.5k sf, state-of-the-art industrial facility in Torrance was purchased by a private investor in a $102.5 mil ($200/sf) deal. The property, situated on 20.37 acres at 20333 S. Normandie Ave, north of Torrance Ave and west of the 110 Fwy, was sold by Chicago-based Bridge Development Partners LLC.

Bridge Development Partners completely redeveloped the asset after they acquired it in 2016. Prior to that, the property formerly served as headquarters for Farmer Brothers Coffee, which relocated its headquarters to Northlake, Texas last year (the company still retains a presence in the Los Angeles area).

The renovation of 20333 S. Normandie, which completed construction earlier this year, was designed by HPA Architects to LEED Gold Standard and features 56 dock-high doors, 36-foot warehouse clearance, 374 parking stalls, 172 trailer stalls, and approximately 20k sf of office space. The property is set in an amenity-rich environment, just minutes from the recently renovated Del Amo Fashion Center Mall as well as the Old Town Torrance shopping district. Adjacent to the site is the Harbor Gateway Mall and multiple hotels.

The property’s strategic location provides immediate access to 110, 405, & 91 freeways and is just a 10 minute drive to the Ports of Long Beach and Los Angeles. Also in close proximity is Los Angeles International Airport less than 10 miles away.

Jeff Chiate, Jeffrey Cole, Ed Hernandez, and Mike Adey of Cushman & Wakefield’s Capital Markets services in Orange County represented both parties in the transaction. The veteran C&W team, together with Rusty Smith, Rooney Daschbach, Steve Bohannon, and Eric Daschbach of the firm’s South Bay office, also handled the 2016 sale between Farmer Brothers and Bridge Development.

“As the home of numerous major corporations and a direct beneficiary of its proximity to the Los Angeles & Long Beach Port Complex, the South Bay industrial market continues to experience record low vacancy,” Chiate commented. “The redevelopment of this site provided a positive enhancement to this market, which now stands to see the long-term benefit of this modern and high-end industrial facility where Class A supply is less than 15% of the 234 msf marketplace. The region remains in dire need of supply options like 20333 S. Normandie to meet tenant preference for high quality, well located, infill industrial facilities.”






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