Buyers See Benefits in Lease-Up, Conversions

Shannon was part of a team including Scott Schumacher, Michael Moore and Paul Perkins of the Torrance office of Grubb & Ellis along with David Fults of the Commerce office of CB Richard Ellis who represented the buyer and the seller in the Pacifica Commerce Plaza sale.The buyer of the Commerce office project was APR-V LLC, which acquired it from Pacific Real Estate Group of Laguna Hills. The development consists of a six-story building located at 5701 S. Eastern Ave. and a two-story building located at 5601 E. Slauson Ave. The property was built in 1982 and renovated in 2003 and, in addition to leasing up the remaining space, the buyer plans to increase the parking ratio by adding a parking structure.In a separate office deal in Torrance, the buyers are converting office buildings for medical and industrial uses, according to Eric Lastition of the Torrance office of Colliers Seeley International. Lastition represented the buyers in Telo Medical Center LLC's acquisition of two office buildings totaling 80,000 sf at 23600 and 23610 Telo Ave. for $10 million, with Torrance Memorial Medical Center as an investor in the deal. Since Telo wanted to acquire only one of the buildings, Colliers needed to secure an investor for the other building and, based on Telo Medical Center's long-standing relationship with Torrance Memorial Hospital, Lastition arranged for the hospital to invest in the second building. Telo Medical Center will occupy the 40,000-sf building at 23600 Telo Ave., which has been rezoned for medical use and will be occupied by a group of doctors for their private medical practices. The second 40,000-sf building, at 23610 Telo Ave., was rezoned for industrial use by Torrance Memorial Hospital, which will use it to store documents.The buildings were originally zoned for office use, but the city's planning department agreed to rezone the buildings to suit the business needs of each of the buyers, according to Lastition, who notes that the building locations are close to the hospital, making them convenient for both uses.Chris Sinfield of Grubb & Ellis represented the seller of the buildings, Long Beach-based the Abbey Co.