Lowe’s in Torrance
LOS ANGELES, December 18, 2017 – Cushman & Wakefield announced today the sale of 22255 S. Western Ave. in Torrance, a 127,400-square-foot freestanding property fully leased to Lowe’s Companies, Inc. (NYSE: LOW). The freestanding retail building owned by The Shorenstein Company sold to Wilson Torrance, LLC for $47.5 million.
Brokerage professionals from Cushman & Wakefield’s National Net Lease Group, including Christopher Sheldon, Andrew Bogardus, and Douglas Longyear in the firm’s San Francisco office, and Stephen Algermissen in the firm’s Los Angeles office represented the seller. The buyer represented itself in the transaction.
“This was a prime corner infill South Bay Los Angeles County site of almost 13 acres with great visibility, surrounding demographics and an established long-term credit tenant,” said Christopher Sheldon, Managing Director in Cushman & Wakefield’s Capital Markets Net Lease Group.
Executive Director Stephen Algermissen added, “It’s a great investment and the premium sale price indicates strong continued interest in investment properties in the area.”
One of the top performing Lowe’s Home Improvement locations in California, the tenant previously signed a long term lease occupying the property until March 31, 2029. The 12.74-acre site features a 127,400-square-foot retail building with a 30,000-square-foot garden center and 750 parking spaces with six street access points. It is located at the intersection of South Western Ave and West 22rd Street and is less than 10 miles from Manhattan, Hermosa, and Redondo beaches. The centrally located in-fill site benefits from close proximity to major highways, high traffic commuter arteries, and commercial corridors in the greater Los Angeles area.
Shorenstein is a privately owned real estate firm active nationally in the ownership and management of high-quality office and residential properties, with offices in San Francisco and New York. Shorenstein’s portfolio includes properties owned by the Shorenstein family through its affiliates Shorenstein Company LLC and Shorenstein Residential Equity Investors, as well as properties owned by a series of closed-end institutional funds sponsored by Shorenstein Properties LLC. These funds, with equity commitments totaling $7.9 billion, have invested in properties totaling 62.6 million square feet in transactions with a gross investment value in excess of $14.9 billion. Shorenstein Properties LLC is currently investing its eleventh fund, which has total equity commitments of $1.2 billion. Shorenstein uses its integrated investment and operating capabilities to take advantage of those opportunities which, at the particular time in the investment cycle, offer the most attractive risk-adjusted returns. Investments have included land entitlements, ground-up developments, asset repositionings and stabilized assets; investment structures have included asset acquisitions, mezzanine loans, preferred equity investments and structured joint ventures. For more information, visit shorenstein.com.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.