California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Rose Equities Snags Torrance Redevelopment Site
Newmark arranged the off-market sale of a 5.5-acre multifamily redevelopment project located at 2325 Crenshaw Blvd. in Torrance. The property sold for $30.6 million.
Managing director Anthony Muhlstein, senior managing director Chris Benton, co-head, U.S. capital Markets Kevin Shannon, vice chairman Ken White, associate director Gabe Munson and Ryan Plummer represented the seller, Optimus Properties. The buyer was Rose Equities.
“The sale reflects an on-going trend of redeveloping antiquated office properties in target multifamily markets as demand shifts in the office sector,” said Muhlstein. “Underutilized and underimproved office buildings on large land parcels will continue to be evaluated for multifamily and retail redevelopment, with existing floor area ratio in comparison to the land, construction costs, political climate, retrofit requirements and government subsidies among key factors driving decisions.”
The property is currently operated as a single-tenant, 60,804-square-foot office building. The buyer plans to convert it to a 272-unit multifamily project with a 467-car parking garage.
- ◦Sale/Acquisition
- ◦Development
