Newmark facilitated the off-market sale of a 5.5-acre redevelopment project for multifamily use located at 2325 Crenshaw Blvd. in Torrance, which sold for $30.6 million.
The seller, Optimus Properties, was represented by a team of experts including managing director Anthony Muhlstein and senior managing director Chris Benton along with co-head of U.S. Capital Markets Kevin Shannon, vice chairman Ken White, associate director Gabe Munson and Ryan Plummer.
According to Muhlstein, this sale is indicative of the current trend towards redeveloping outdated office properties in desirable multifamily markets due to shifting demand in the office sector. He also noted that underutilized or underimproved office buildings on large land parcels are being evaluated for potential conversion into multifamily or retail spaces based on factors such as floor area ratio compared to land size, construction costs and government subsidies.
Currently operating as a single-tenant office building spanning over 60K square feet ,the property will be transformed by buyer Rose Equities into a 272-unit multifamily complex complete with a parking garage accommodating up to 467 cars.
