Newmark Arranges Sale of San Pedro Adaptive Reuse Site
Urban Stearns has purchased the Topaz Tower Apartments, a 12-story, 293,000-square-foot former office tower in San Pedro, CA. The building, located in an opportunity zone, has been fully entitled to adaptive reuse to a Class A high-rise apartment project. Newmark’s Kevin Shannon, Ken White, Chris Benton, Scott Schumacher and Anthony Muhlstein represented the sellers, Harbor Associates and Platform Ventures in the transaction. Terms were not disclosed.
The building has ample on-site parking and 13’-6” ceiling heights, positioning it for a seamless conversion to a multifamily property. The new project will include 228 studio, one- and two-bedroom units with views of the Pacific Ocean, balconies and a rooftop amenity deck.
“While outstanding office buildings in thriving employment hubs will continue to flourish, we are hopeful the city will continue collaborative efforts with developers to convert challenged office properties to much needed housing,” said Muhlstein in a news release.
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