Feb 14, 2019 (Euclid Infotech Ltd via COMTEX) -- Newmark Knight Frank (NKF) is pleased to announce that Team Shannon Private Capital Group has completed the $15.75 million sale of 2325 Crenshaw Boulevard, a 60,804-square-foot office building in Torrance, CA. The property is fully occupied by a single tenant, Los Angeles County Department of Children and Family Services, which has been located at the property since 1999 and recently renewed its lease through 2024.
"This well-located, single-tenant South Bay asset received strong, nationwide interest from exchange buyers and investors alike," "Given the compelling asset and thriving market with good long-term prospects, the bidding environment was highly competitive. Out of the 12 offers received, Optimus was awarded the deal because they were able to move quickly, going non-contingent on day one."
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.
John Bailey, President Southeast Torrance Homeowners’ Association, Inc. (SETHA)
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