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7/20/18
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RODI Investments LLC paid $3.775 mil for an 8.9k sf ($424/sf) office building in Torrance. The property, located at 18093 Prairie Ave, was sold by Grace Hand Trust.
Built in 1977, the two-story building is situated south of Artesia Blvd, just off the 405 Fwy in Northwest Torrance. The entire building was remodeled from top to bottom in 2016 into a modern architecture style. It features a large reception area at the main entry, seven private offices, with multiple open work spaces, and 5 bathrooms. The building has all new plumbing and electrical wiring, including internet ports throughout, a new metal roof, two kitchens and break rooms. The property has a large parking lot with 27 spaces and 3 handicapped spaces.
The building was 100% vacant at the time of the sale. The owner will be occupying the majority of the building and has the option to lease out a small portion of the first floor.
Tim Steuernol and Brian Luft with NAI Capital represented the buyer in the deal. According to Steuernol, small, well located owner/user office buildings are hard to find and sell quickly when they come on the market.
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