Transpacific Development Co. has sold a 60,804-square-foot Los Angeles-area office building to Optimus Properties for $15.8 million, according to Yardi Matrix. The sale was a 1031 tax-deferred exchange. Goldman Sachs provided $10 million in acquisition financing to the buyer.
Located in the South Bay submarket at 2325 Crenshaw Blvd. in Torrance, Calif., the one-story structure is roughly 20 miles south of downtown Los Angeles. The property, situated within 3 miles of both interstates 110 and 405, is adjacent to TA Realty’s Park Del Amo office buildings, near the Sepulveda Boulevard retail corridor and a Courtyard by Marriott hotel.
Los Angeles County Department of Children and Family Service fully occupies the asset as its sole tenant. The current lease, signed in June 2017, expires in 2024, per Yardi Matrix data.
Approximately 4 miles northeast of the building, the nearly 450,000-square-foot Gateway Towers also changed hands. In October, a joint venture between The Ruth Group and The Roxborough Group paid Equity Office Properties more than $106 million for the asset.
Image courtesy of Yardi Matrix