April 30, 2015
In Torrance an office building recently traded for $68.5 million. The 291,711-square-foot asset was sold from Bixby Land Company to Stream Realty Acquisition, LLC. Pacific Center, at 21250 Hawthorne Blvd., was renovated at a price of $6 million by Bixby to make asset improvements and add 55,000 square feet of new tenants such as All Nippon Airways and Living Social. Bixby purchased Pacific Center from TA Associates in 2012 for $52 million, when it was called South Bay Tower and was only 63-percent occupied. Now 80 percent of the building is full.
How do you feel about the office market in the South Bay? Are renovations working out?