Bridge Development finds buyer for 20-acre industrial site in Torrance

Buyer is said to be Denver-based Industrial Property Trust

Rendering of 20333 S. Normandie Avenue (Bridge Development Partners)
Rendering of 20333 S. Normandie Avenue (Bridge Development Partners)

That was fast.

Chicago-based Bridge Development is nearing a deal to sell its 20-acre industrial site in Torrance, after listing the under-construction development last week.

Denver-based Industrial Property Trust Inc. is in talks to pay about $103 million, or $201 per square foot, for the Class A property at 20333 S. Normandie Avenue, REAlert reported. 

The 512,490-square-foot building is expected to be completed this year. 

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Rusty Smith, Steven Bohannon, Rooney Daschbach and Eric Daschbach of Cushman & Wakefield have the listing.

Average asking rents for South Bay’s industrial submarket were $10.20 per square foot per year in the first half of 2017, up 15 percent year-over-year.

Industrial Property owns and operates distribution warehouses throughout the United States. For the first quarter of 2017, the firm reported a total of 13 acquisitions, totaling 1.8 million square feet of industrial space, for an aggregate purchase price of $147.4 million. [REAlert] — Subrina Hudson