Newmark has successfully arranged the off-market sale of a 5.5-acre multifamily redevelopment project in Torrance, located at 2325 Crenshaw Blvd. The property was sold for $30.6 million.
Leading the transaction were Managing Director Anthony Muhlstein, Senior Managing Director Chris Benton, Co-Head of U.S Capital Markets Kevin Shannon, Vice Chairman Ken White, Associate Director Gabe Munson and Ryan Plummer who represented the seller Optimus Properties. The buyer was Rose Equities.
According to Muhlstein: “This sale is indicative of a growing trend in redeveloping outdated office properties into desirable multifamily markets as demand shifts away from traditional office spaces.” He also stated that factors such as existing floor area ratio compared to land size and construction costs will continue to drive decisions on underutilized and underimproved office buildings with large land parcels being evaluated for potential multifamily or retail redevelopment opportunities.
The current property operates as a single-tenant 60,804-square-foot office building but plans are underway by the buyer to convert it into a modern 272-unit multifamily project complete with a spacious parking garage accommodating up to 467 cars.
In recent news: A prime Torrance development site has been acquired by Rose Equities through Newmark’s expert team without any involvement from Connect CRE or its affiliates based in Los Angeles or Texas.
