Chase Partners Buys 250,000 SF for $43M

Dunn has also picked up leasing and property management assignments for the building, which is called Hamilton Place, with Anthony and Wood taking on the leasing duties in partnership with Bill Bloodgood of CB Richard Ellis. Anthony tells GlobeSt.com that the building is about 25% leased, with Applied Signal Technologies having signed for 40,000 sf recently in a relocation from elsewhere in Torrance.

Bloodgood tells GlobeSt.com that the new owner is taking over the building at a time when demand for quality office space has grown rapidly in the 190th Street Corridor. Companies like Exxon, AT&T and UPS are all seeking space in the market, and nearly 300,000 sf of the former Nissan headquarters space is in escrow to various buyers, Bloodgood points out.

"There is a lot of good product here," Bloodgood says, explaining that demand in the submarket has grown significantly in 2007 after lagging in the previous several years. He calls Hamilton Place "the best low-rise office alternative in this area."

The large amount of space available at Hamilton Place is the result of the exit of Toyota Motors, which had taken up about 90% of the building. Toyota's exit "has created a rare opening for new businesses to enter a large-block facility in this submarket," comments Anthony, who points out that the property can accommodate tenants from 20,000 sf to 200,000 sf.

The property is situated at the intersection of the San Diego, Harbor and Artesia freeways, with visibility from the Harbor Freeway. Built in 1985, it is designed in the shape of a diamond, with an interior courtyard and water feature that serve as the centerpiece of the building.

Bloodgood notes that the new ownership has started upgrading the common areas and is adding on-site retail amenities to the building, which already features extras such as a raised floor computer room and high-quality existing improvements. It also provides above average parking ratios and extensive free on-grade parking.

Chase Partners acquired the building from Denver-based Alliance Commercial Partners, which was represented by Kevin Shannon and Michael Moore of CB Richard Ellis. Asking rates for space at Hamilton Place are $2.10 per sf per month, full service.