Torrance Industrial Building Sells for $81 Million
A Torrance building under renovation for use by Amazon.com Inc. has been sold for $81 million, making it one of the priciest industrial deals in a decade, based on price per square foot, according to CoStar Group Inc.
The transaction price of $548.33 per square foot is the twice the average rate for the area, according to CoStar.
The former Costco Wholesale Corp. warehouse store is being updated for use as an Amazon Hub warehouse space, with a small consumer operation. At the time Costco said that it was too small. It has opened a new, larger Torrance location.
The site is located at 2751 Skypark Drive.
Realterm US Inc. purchased the site from Bridge Development Partners.
Neither company returned requests for comment. Newmark Knight Frank brokered the deal.
Bridge Development Partners purchased the site from Merlone Geier Management in November for $41.3 million. The company planned to redevelop the site, which has been vacant since 2017.
//labusinessjournal.com
