Arden Realty Buys Torrance Project
Arden Realty Inc. reported lower earnings for the second quarter and said it purchased an office project in Torrance.
Arden said it acquired Gateway Towers on 190th Street near the intersection of the 405 and 110 freeways for about $66 million from Carlyle Group, a Washington, D.C.-based investment firm.
The property includes two office buildings totaling almost 433,000 square feet that are about 93% leased.
The Los Angeles-based real estate investment trust said funds from operations fell 6% to $46.6 million, or 70 cents a share, as revenue edged down 0.5% to $103.1 million.
The company also said its board authorized a buyback of up to $75 million in Arden shares over the next 12 months.
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