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2/14/19
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Optimus Properties LLC paid $15.75 mil for a 60.8k sf office building in Torrance, as part of a 1031 exchange. The property, located at 2325 Crenshaw Blvd, was sold by an affiliate of Transpacific Development Company.
The property is fully occupied by a single tenant, Los Angeles County Department of Children and Family Services. The agency has been located at the property since 1999 and recently renewed its lease through 2024.
Built in 1989 and situated on 5.5 acres, the single-story property is at the intersection of Crenshaw and Sepulveda Boulevards, two of the main South Bay thoroughfares, and provides easy access to the 405, 110 and 91 freeways. Also, the Del Amo Fashion Center is just one mile from the property and is the largest mall in the South Bay with retailers like Nordstrom, Hugo Boss, Brooks Brothers and over 40 new dining options. Torrance Promenade, Village Del Amo and Torrance Crossroads offer an additional one million square feet of retail within a two-mile radius.
Sean Fulp, Ken White, Ryan Plummer and Mark Schuessler with Newmark Knight Frank represented the seller in the transaction. According to Plummer, they received 12 offers on the property and, out of them, Optimus was awarded the deal because they were able to move quickly, going non-contingent on day one.
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