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6/05/15
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A four-building, 108k sf complex of brick buildings in the Torrance area has been acquired by Shubin – Nadal Realty Investors (SNRI) for $11.8 mil ($109/sf). The buyer plans to take advantage of the property’s inherent architectural features by re-remodeling and re-positioning it for flexible industrial, retail and potentially creative uses.
The buildings are situated on 5.3 acres of land at 19100-19122 S. Vermont Ave. The site is situated within one minute from the on/off ramps of the 405, 110 and 91 Freeways. Two of the buildings are 30.k sf in size while the other two contain 24k sf of space.
Todd Taugner, David Prior and Frank Schulz of The Klabin Company/CORFAC International represented the buyers, SNRI and its joint venture partner, Penwood Real Estate Investment of Hartford, CT, and the seller, Silmor Investments Co. LLC. Taugner, Prior and Schulz will exclusively market the new development for the new ownership.
“These 1960 vintage buildings are prime candidates for re-modeling and re-repositioning both for their existing features and location in one of the country’s largest and most supply-constrained industrial markets. In fact, the industrial vacancy rate in the Torrance submarket stood at three percent at the end of the fourth quarter of 2014,” Taugner said. He noted that two of the structures feature glu-lam, bow truss roofs.
Re-modeling and re-positioning of the property is scheduled to begin in the spring of 2016, with an expected completion in the summer of next year.
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