NAI Capital Represents Seller in the Sale of the Hawthorne Promenade in Torrance for $5 Mil
TORRANCE, CA – January 14, 2013 – (RealEstateRama) — Peter J. Lund and Scott Crane with NAI Capital’s West L.A. office represented the Seller, Hawthorne Promenade LLC, a subsidiary of Torrance based Arenda Capital Management, LLC in the sale of a 7,440 Sq. Ft. retail property located at 20016 Hawthorne Boulevard in Torrance to the Buyer, Ron B. Tucker. The value of the sales transaction was $5 Mil.
“The Hawthorne corridor area of Torrance has gone through a tremendous resurgence over the past several years to become one of the strongest retail areas in the County. This attracts quality tenants which in turn produces quality investment properties. We received a very high level of interest in the property and generated multiple offers, said Peter J. Lund, Senior Vice President at NAI Capital.
“The Buyer, Ron B. Tucker, liked the asset for a few reasons: seasoned corporate tenants, true NNN leases, excellent location and priced within his budget,” said Buyer’s broker, Barry A. Schoenbrun, Senior Partner, TOLD Partners Inc.
The property, built in 1985, has maintained 100% occupancy for more than 15 years, providing a testament to the stability of this location. It’s in line with the adjacent Torrance Promenade Center, collectively bringing together such high powered retailers as Trader Joe’s, Ross, Marshalls, Party City, Sears Outlet, David’s Bridal, Payless Shoes, Babies-R-Us, Office Depot and In-N-Out Burger. With excellent frontage, and easy access off both street and from the neighboring center, this continues to be a high profile center and an excellent investment.
The property is positioned on Hawthorne Boulevard, the primary commercial corridor for Torrance and the neighboring South Bay communities. It is in close proximity to the I-405 and I-110 Freeways.
About NAI Capital
NAI Capital is a leading Southern California commercial real estate firm headquartered in Encino, California. With 14 offices throughout Los Angeles, Orange, Riverside, San Bernardino and Ventura Counties, NAI Capital is the Southern California affiliate of NAI Global, a premier real estate service network with 350 offices spanning the globe. Since 1979, NAI Capital clients have built their businesses on the power of our expanding network. Our extensive services include: multi-site acquisitions and dispositions, sublease, tenant representation, lease administration and audit, investment services, due diligence and related consulting and advisory services. To learn more, visit www.naicapital.com NAI Capital Brokerage DRE #00806840
Contact: Sharon Fitzgerald, Public Relations, 818.742.1655 sfitzgerald (at) naicapital (dot) com
