November 12, 2019
Miramar Capital and its joint venture partner, an affiliate of Garrison Investment Group, recapitalized 3701 Doolittle Drive, a single-tenant, 124,400-square-foot office property and a separate 17,300-square-foot day-care center in Redondo Beach, CA. The asset is 100% leased to Northrup Grumman on a triple-net basis.
The JV owners acquired the asset for $36.7 million in 2017. With this current transaction, Miramar Capital has now recapitalized 3701 Doolittle with long-term equity, retaining full ownership.
NKF’s Kevin Shannon, Ken White, and Michael Moore, directed the transaction on behalf of the seller and buyer.
Located adjacent to Northrop Grumman’s Space Park, the property provides a seamless extension of Northrop Grumman’s main campus. Northrop Grumman, or its affiliates, has been a tenant at 3701 Doolittle since it was developed in 1986. The global aerospace and defense technology company recently signed a new seven-year lease extension through August 2026.
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