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HARBOR GATEWAY, CA-McCarthy Cook & Co. has paid $19 million for the Hamilton Place office development, a 250,000-sf building that once housed software developer Ashton Tate and was mostly occupied by Toyota Motor Sales, USA, according to PM Realty Group.

Mark Mattis of PM Realty, along with Kevin Shannon of the South Bay office of Grubb & Ellis, represented the seller, WRC Properties, which is a wholly owned subsidiary of TIAA-CREF. McCarthy Cook & Co. represented itself.

Mattis says the new owners plan to reposition the property, which is at 20101 Hamilton Ave. in the Harbor Gateway area of the 190th Street Corridor submarket. Mattis, who will continue to lease the property in cooperation with McCarthy Cook, says the new owners renovation plan will include improvements to the building lobbies, an upgrade to the exterior, and refinishing of the parking lot. The building was built in 1986 by Howard Mahn and is a three-story, concrete tilt-up structure.

American Medical Response continues to occupy approximately 40,000 sf at Hamilton Place, and, until recently, Toyota Motor Sales USA occupied about 200,000 sf of the building. But Toyota finished a five-year lease at Hamilton Place in October and moved back to the nearby Toyota campus on Western Avenue in Torrance. Toyota had room for the move because it recently developed an additional 650,000 sf of low-rise office on its campus.

Mattis describes the Hamilton Place development as ideally suited for users 40,000 sf and above, with floors of about 80,000 sf and very efficient. A big plus is the capacity to provide a high parking ratio and therefore we can accommodate users with dense requirements, Mattis says.

Los Angeles-based McCarthy Cook & Co. an investment and development firm that owns and manages a number of assets in Southern California, including Wilshire Courtyard in Los Angeles and the South Coast Metro Center in Orange County.

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