Commercial Real Estate Deals for the Week of July 15, 2024

A roundup of notable commercial real estate transactions.

Brokerage firm Newmark completed a $30.6-million sale of a 5.5-acre, multifamily redevelopment site at 2325 Crenshaw Blvd. in Torrance in an off-market transaction. The property was acquired by Rose Equities. It is currently operated as a single-tenant, 60,804-square-foot office building, and the buyer plans to build a 272-unit apartment building with a 467-car parking garage. Anthony Muhlstein, Chris Benton, Kevin Shannon, Ken White and Gabe Munson represented the seller, Optimus Properties.

“The sale reflects an ongoing trend of redeveloping antiquated office properties in target multifamily markets as demand shifts in the office sector,” said Muhlstein.

Irvine Office

In Irvine, Hampton Tedder Electric acquired the 98,907-square-foot office building at 999 Town & Country for $17.9 million or $181 per square foot. The company plans to occupy the vacant top floor of the four-story building. Other tenants include architectural and engineering giants AECOM and Intercare. It sits on 2.8 acres and is adjacent to the Main Place Mall, which is undergoing a $500-million renovation.

Newmark brokers Kevin Shannon, Paul Jones, Ken White and Brandon White represented the seller Sagard Real Estate.

“This transaction underscores the demand for well-located, versatile properties in Central Orange County,” said Newmark’s Paul Jones in a statement. “With the continued displacement of office buildings and lack of institutional investors looking to buy, full or partial owner-users are seeing tremendous opportunities in today’s market,” he said.