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July 14, 2024
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South Bay Office Building Picked Up for $24.75 Mil


Affiliates of Borstein Enterprises purchased DYAD South Bay, a two-building two-story office campus totaling approximately 116.2k sf on 5.22 acres of land in Torrance. The project, located at 19700 and 19750 South Vermont Ave, traded for $24.755 mil ($213/sf).

Photo: CoStar
Photo: CoStar
Positioned at the strategic intersection of the I-405 and I-110, the buildings are 59.7k sf and 56.5k sf, respectively, feature abundant surface parking at four spaces per 1,000 sf and have easy ingress/egress. Currently holding 92% occupancy, the campus received a complete renovation in 2020, which included upgrades to the lobbies, corridors, bathrooms, amenity rooms, lighting, facades, landscaping, ADA, and outdoor lounge space. A testament to the quality of the asset is that almost the entire rent roll was signed post-covid.

Steve Solomon, Mark Schuessler, Sean Fulp, Ryan Plummer, and Kristen Bowman with Colliers represented both the buyer and the seller, an entity owned by certain funds managed by Westport Capital Partners.

“While office transactions remain scarce, the DYAD sale demonstrates that demand remains strong for high-quality assets with a unique story,” said Schuessler, executive vice president at Colliers. “This acquisition was a perfect fit for Borstein Enterprises’ growing portfolio of well-located properties with a long-term hold strategy.”

According to Solomon, Westport executed a substantial renovation and repositioning strategy. Because a number of surrounding competitive office buildings have been purchased by industrial developers with plans for demolition and construction of state-of-the-art warehouses, Colliers expects the DYAD South Bay campus to benefit significantly from reduced office supply in the market.

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