Atrium Business Center, Torrance California

5 building office park for purchased for conversion to flex industrial. Acquired July 2022

The site off Hawthorne Boulevard in Torrance, which is an infill submarket of Los Angeles adjacent to the Los Angeles Harbor. Torrance is in the South Bay of Los Angeles which is a coastal enclave that includes Manhattan, Hermosa and Redondo Beaches and the Palos Verdes Peninsula. This is an infill location with no land for development and minimal new product deliveries.

The Park was purchased off-market from the original developer who built the park as part of a redevelopment in 1976. It had transformed into an office park. Three of the buildings have been renovated into a flex-industrial configuration with ground floor office being removed in favor of warehouse. These will be held for cash flow and are currently over 90% occupied. Two of the buildings will be redeveloped into a new 56,000 square foot industrial building that should break ground in the second quarter of 2025.