California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Gramercy Divests Redondo Beach Asset for $37M
Connect Westside Los Angeles is coming up next week. Are you registered? Here’s where to sign up.
Miramar Capital acquired Redondo Beach Business Court, a 124,400-square-foot office building and separate day care facility in Redondo Beach, CA, from Gramercy Property Trust for $36.7 million. Built in 1986, 3701 Doolittle Dr. is a two-story office building located in a low-rise campus environment.
NKF Capital Markets’ Kevin Shannon, Ken White and Michael Moore, along with Eric Adams, Chris Strickfaden and Eric Lastition represented the seller.
The property had less than two years remaining on the lease term for its tenant, Northrop Grumman. Shannon says, “While there is substantial likelihood that Northrop Grumman would remain in place for the long term, the Redondo Beach/El Segundo submarket is so strong, should they not renew, ownership will have the opportunity to add value by converting the property into a creative office campus.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition


