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TORRANCE, CA-The Amstar Group of Denver has placed its 143,000-sf Torrance Pointe office complex on the market after increasing the occupancy to 93% at the building, which was 38% occupied when the Denver-based investment firm bought it in June of 2005. Amstar has named Jeff Cole, executive director of Cushman & Wakefield’s Capital Markets Group, as the listing agent for the property.

Amstar says that its decision to place the Torrance Pointe property on the market is part of its ongoing three-to-five year hold business strategy. New leases that Amstar has signed since taking over the building include 37,535 sf with AT&T and 14,296 sf with Network Global Logistics, which plans to relocate its national headquarters to the new space.

Amstar did not disclose an asking price for Torrance Pointe. According to a GlobeSt.com report at the time Amstar bought the project, it paid $20.3 million when it bought the property from the NSLP Inc. division of Citibank in 2005. The class A office buildings are located on Western Avenue in Torrance, adjacent to the US headquarters of America Honda and Toyota.

Scott Gibler, executive director at Amstar, says that the company completed “significant renovations” to the three-building office complex, including landscape design and upgrading of the common areas in all three buildings. In the leases with AT&T and Network Global, Colliers Seeley’s Geoff Ludwig and Doug Brawn represented Amstar. AT&T was represented by Robert Healey and Timothy Vaughan of CB Richard Ellis, with Network Global Logistics represented by Nathan Piehl and Brett Racanelli of Equis.

Cushman & Wakefield executive director Cole notes that the Los Angeles County office market continues to absorb space, with vacancy rates decreasing and asking rents continuing to rise. Vacancy has declined from 17% to 14% in the past year, he notes, with the rate expected to continue declining and net absorption for this year estimated at one million sf. He also notes that the approximately 100,000 sf of office space in Torrance that was left vacant by Nissan when the automaker moved its headquarters out of state last year is now nearly occupied. It’s “more proof of the upswing market in the South Bay,” Cole says.

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