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10/09/19
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Harbor Associates paid $43.5 mil for a 292.5k sf ($149/sf), Class A office building along San Pedro’s waterfront. The 11-story building, located at 222 W. 6th St, west of Harbor Blvd and south of the terminus of the 110 Fwy, was sold by Jupiter Holdings.
The building, known as “Topaz,” includes an adjacent seven-story parking structure and 13.2k sf of retail space. It was constructed in 1990 and substantially occupied for many years by information technology defense contractor Logicon which was later acquired by Northrop Grumman. Northrop vacated in 2010 leaving much of the building empty until it was acquired by Jupiter. Since acquiring the building, Jupiter has invested more than $10 mil in building renovations that have now been completed.
NKF Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Director Ken White and Senior Managing Director Scott Schumacher represented the seller in the transaction.
“Downtown San Pedro and the Los Angeles waterfront are undergoing a major transformation into a true live/work/play destination with major projects in various stages of construction. All of the new development, along with many new walkable restaurants, breweries and retail amenities, bodes well for Topaz as it’s the only true Class A office building in San Pedro,” said Shannon.
Some of the new properties transforming the area include: Holland Partner’s 375-unit mixed-use apartment development (located adjacent to Topaz); the Ratkovich/Jerico $150 mil redevelopment of the 30-acre Ports O’ Call Village into the San Pedro Public Market; and the 35-acre, $500 mil Gensler-designed AltaSea ocean institute.
“Topaz also has significant development upside due to the potential to redevelop a portion of the property into a residential use as well as air rights over the existing parking structure. The redevelopment value is further enhanced due to its location within a Qualified Opportunity Zone providing substantial tax savings on the capital gains,” said Schumacher.
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