By Evelyn Jozsa
Related Fund Management acquired Pacific Center, a 306,765-square-foot, class A office building in Torrance, Calif. HFF’s Senior Managing Director Ryan Gallagher and Managing Director Andrew Harper procured the buyer and represented the seller, Stream Realty Partners, who recently expanded its property management portfolio in Pasadena, Calif.
The eight-story, state-of-the art building is situated at 21250 Hawthorne Blvd., at the intersection of Hawthorne and Torrance Boulevards across from the Del Amo Fashion Center and is exposed to State Route 107. Pacific Center is close to neighborhoods such as Palos Verdes, Rancho Palos Verdes, Rolling Hills Estates, Hermosa Beach and Manhattan Beach.
Renovated in 2017, the office building is 91 percent leased to tenants including Bank of America, Morgan Stanley, ANA, Wells Fargo and Barrister Executive Suites. According to Yardi Matrix, a total of 69,807 square feet, or eight spaces, are still available for rent. The price ranges between $31.80 to $39 per square foot per year. Also, the building features 1,021 parking spaces.
Image courtesy of Yardi Matrix