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Miramar Capital JV Recapitalizes Northrup Grumman-Leased Asset in Redondo

Miramar Capital and its joint venture partner, an affiliate of Garrison Investment Group, recapitalized 3701 Doolittle Drive, a single-tenant, 124,400-square-foot office property and a separate 17,300-square-foot day-care center in Redondo Beach, CA. The asset is 100% leased to Northrup Grumman on a triple-net basis.

The JV owners acquired the asset for $36.7 million in 2017. With this current transaction, Miramar Capital has now recapitalized 3701 Doolittle with long-term equity, retaining full ownership.

NKF’s Kevin Shannon, Ken White, and Michael Moore, directed the transaction on behalf of the seller and buyer.

Located adjacent to Northrop Grumman’s Space Park, the property provides a seamless extension of Northrop Grumman’s main campus. Northrop Grumman, or its affiliates, has been a tenant at 3701 Doolittle since it was developed in 1986. The global aerospace and defense technology company recently signed a new seven-year lease extension through August 2026.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Financing
  • ◦Sale/Acquisition