IPA Sells Los Angeles County Office Asset for $24 Million
TORRANCE, Calif., May 2, 2017 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Mariner Court, a 109,841-square-foot office building in Torrance, California. The $24 million sales price equates to more than $218 per square foot.
“The building is a stabilized, well-located Class B office asset,” says Michael Lawrence, IPA senior director. “We marketed the property through IPA’s unique national platform, which gives us access to an extremely large pool of institutional and private capital. Our strategic, hands-on process produced a motivated buyer that could assume the in-place CMBS financing and meet the seller’s expectations regarding price.”
Lawrence and David Black, a director of Marcus & Millichap’s National Office and Industrial Properties Group in Long Beach, represented the seller, an Irvine, California-based private commercial real estate company. Derek Caldwell, an associate in the firm’s Long Beach office, represented the buyer, a private commercial real estate entity based in the South Bay.
The three-story, steel-framed office building was built in 1989 as part of the Torrance Business Center. It is located on 4.7 acres at 3625 Del Amo Blvd. in Torrance, five minutes from the 405 freeway, 10 minutes from the 91 and 110 freeways, and 20 minutes from Los Angeles International Airport.
Mariner Court’s distinctive design features mirrored glass bands set in a brick façade, and an interior atrium and garden. The extensive inside window lines overlook the garden, and the building’s park-like setting includes mature landscaping and ample guest parking.