By Razvan Cimpean
Gramercy Property Trust sold Redondo Beach Business Court to Miramar Capital. The 124,400-square-foot office building in Redondo Beach, Calif., changed hands for $36.7 million.
The two-building asset, located at 3701 Doolittle Drive, was completed in 1985 and underwent cosmetic renovation in 1989. The building offers more than 200 parking spaces and convenient access to interstates 105 and 405. Redondo Beach Business Court was 58 percent occupied at the time of sale, with less than two years remaining on the lease term for its tenant Northrop Grumman. The property is situated near multiple restaurants and hotels, including Annapurna Indian Restaurant, Spires Restaurant and SpringHill Suites by Marriott.
NKF Capital Markets’ Kevin Shannon, Ken White, Michael Moore, Eric Adams, Chris Strickfaden and Eric Lastition negotiated the transaction on behalf of the seller.
According to Yardi Matrix data, Gramercy Property Trust acquired the asset in 2015 from Dividend Capital as part of a multi-state, 16-property portfolio sale totaling nearly 1.5 million square feet of industrial space, 1.1 million square feet of office space and a 106,000-square-foot data center.
The new deal comes a few days after a joint venture between EverWest Real Estate Partners and Frontal Trust acquired LINQ, a 50,000-square-foot Redondo Beach office building located half a mile from Redondo Beach Business Court.
Image courtesy of Yardi Matrix