$25M Wins 144,000-SF Office Deal

TORRANCE, CA-A private investor based in Beverly Hills and doing business as Torrance Center South Complex LLC has acquired the 144,415-sf Torrance Center South office complex from a partnership of the Muller Co. of Laguna Hills and GMAC for $25.2 million, Grubb & Ellis reports. The project consists of three two-story buildings at 21151, 21221 and 21171 S. Western Ave.The property, which was built in 1988, was 83% occupied at the time of sale, with Science Application International Corp. as its major tenant. SAIC, the largest employee-owned research and engineering company in the US, has a lease for 43% of the project for over five years. The second largest tenant is ADT Security, which recently leased 35,000 sf for five years.The sale of the complex was brokered by the Grubb & Ellis South Bay office team of Kevin Shannon, Michael Moore, Scott Schumacher, Paul Perkins, Chris Sinfield, Bill Maher and Rammy Rasmussen, who represented the buyer and the seller.The office complex attracted investors for a number of reasons, according to Grubb & Ellis, which points out that no speculative office space has been constructed in the submarket since 1991 and the property is close to about 40 restaurants, shops and retail service facilities that are all within walking distance. Within the complex are a tenant gym and an on-site café. The three low-rise steel frame buildings that make up the complex offer parking at the ratio of four stalls per 1,000 sf of floor space, and the below-market rents offer upside potential.