AMB JV Sells 94,000 SF of Office Condos

The buildings that sold ranged from 3,000 sf to 20,000 sf and sold for $355 to $400 per sf to owner-users with local distribution and small office needs in businesses, including financial services, real estate and telecommunications. The seven remaining office buildings for sale range from 2,200 sf to 18,000 sf, including two buildings for which sales are pending, according to senior vice president Bill Bloodgood of CB Richard Ellis. Bloodgood and first vice president Bob Healey of CBRE are the listing agents for the buildings.

Construction of the Edge was completed in March, and all eight of the buildings that sold were in escrow before the completion of construction. Bloodgood tells GlobeSt.com that the building sales illustrate that, "There is still good activity for good product, especially quality class A buildings like these."

In addition to the office building sales, the Edge has tallied substantial leasing of the retail space. Some 14,681 sf of the retail has been leased to Starbucks, Subway and a number of other tenants, according to CBRE's Morgan McEvoy, who is the leasing agent for the retail portion.

The project is the South Bay's first new office development since 2002 and the submarket's first-ever office condo development. Kim Snyder, AMB's managing director for its Southwest Region, notes that the Edge is a redevelopment of a former brownfield site that sat vacant for 10 years.

The Edge is bounded by Atwood Way, Maple Avenue, Nash Street and Douglas Street. It is close to Los Angeles International Airport, with a direct on-ramp to the Century (105) Freeway and the San Diego (405) Freeway approximately a mile away.