Realterm’s deal in is the priciest per square foot this year at $548.33. That also makes it one of the priciest of the decade by that metric. That price is about twice the average rate for the area, according to the Los Angeles Business Journal. Amazon will lease all 130,500 square feet at the property.
The seller was Bridge Development Partners. It secured approval from Torrance to demolish what was once a Costco wholesale store in order to build the new facility. Instead, the firm decided to renovate the facility for the e-commerce behemoth. Bridge paid $41.3 million for the property last year.