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GARDENA, CA-A private investor bought the 81-unit Marine Bay Apartments at 3351 Marine Ave. from another private individual for $4 million, setting a new high for price per sf sales in the Gardena market, according to Marcus & Millichap’s David Holstein, who brokered the sale.

“A price of $108 per square foot is a big number for a master-metered building in Gardena,” Holstein tells GlobeSt.com. He says the price has sparked other owners who were undecided about selling their properties to put them on the market, including a 58-unit property in nearby Hawthorne that’s already in escrow for more than $100 per sf and a 115-unit complex in Hawthorne that just went on the market.

Holstein tells GlobeSt.com that the Marine Bay complex is a two-story, wood-frame property that was built in 1960 and includes 22 singles, 24 junior one-bedroom units, 31 one-bedrooms and four two-bedroom apartments. He says the seller had owned the property for seven years.

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