Continental Development dropped $48.8 million on a 211,400-square-foot commercial property in Torrance, the brokerage announced Wednesday.
The El Segundo-based development group bought Madrona Business Campus, a four-building Class A office and medical property at 20780-20810 Madrona Avenue, from privately-held Dominguez Investment Company.
Dominguez Investment previously purchased the 11.46-acre site for $51.2 million in 2007, property records show.
Newmark Knight Frank’s Kevin Shannon, Ken White, Michael Moore and Rick Stumm, along with CBRE’s Tim Vaughn, represented Dominguez. Continental represented itself in the transaction.
Madrona Business Center is 95 percent leased. Its major tenants are American Honda Finance Corp., John Deere and Kaiser Foundation Health Plan.
Continental Development plans on repositioning the building in a manner consistent with its other Class A South Bay office assets, according to the release. The development company has projects scattered across the county, including a 30-acre medical center in Torrance and 86-acre office complex — which the firm master-developed — in El Segundo