Related, Cruzan refi Torrance office building

311K sf property currently 20% vacant

Los Angeles /
Feb.February 28, 2022 08:57 AM
William Witte and Dennis Cruzan with 21250 Hawthorne Boulevard (LoopNet, Cruzan, Adam Southard, iStock)
William Witte and Dennis Cruzan with 21250 Hawthorne Boulevard (LoopNet, Cruzan, Adam Southard, iStock)

Related Companies and its partner Cruzan have refinanced an office complex in Torrance, a signal that lenders are still willing to finance the still-sluggish sector.

The firms scored a $59.2 million loan from the Teachers Insurance and Annuity Association of America, which acted on behalf of a group of unnamed lenders, according to property records.

Related and San Diego-based Cruzan bought the complex at 21250 Hawthorne Boulevard for $106.75 million in 2017, getting about $80 million in financing from Bank of America two years later, a loan that followed a renovation of the property.

The roughly 311,000-square-foot building is made up of small flexible office spaces, along with speculatively built suites. Around 20 percent of the property is currently available for direct lease, according to CBRE — about 67,700 square feet.

Related and Cruzan are currently asking for $3.65 per square foot per month for space at the property.

Direct asking rates in the South Bay, which includes Torrance, averaged $3.22 a month per square foot in the fourth quarter of 2021, according to CBRE. About 18 percent of all office properties were vacant during the same time period across the South Bay.

Tech and aerospace companies, including Elon Musk’s SpaceX and Amazon’s Ring subsidiary, have flocked to the South Bay in recent years, though most properties in the area are still zoned for industrial uses.

Cruzan’s building is currently leased to a number of medical tenants, including the R&R Surgical Institute and the Torrance Bariatric Institute.

[contact author email=”[email protected]” text=”Contact Isabella Farr”]


Related Articles

arrow_forward_ios
Clockwise from top left: Harrison Street CEO Christopher Merrill, 2825 Santa Monica Boulevard, Stockdale Capital Partners' Steven Yari and Shawn Yari and 9090 Wilshire Boulevard (Harrison Street, Stockdale Capital Partners) 
Harrison Street buys Westside medical offices for $156M
Harrison Street buys Westside medical offices for $156M
GI Partners' Rick Magnuson and One Wilshire (GI Partners, One Wilshire)
Here’s how much tenants are paying at One Wilshire in DTLA
Here’s how much tenants are paying at One Wilshire in DTLA
Thomas O'Hern, CEO, Macerich, and the Pacific View mall in Ventura (Trackinfo, CC BY-SA 3.0/via Wikimedia Commons, Macerich)
Macerich continues cost-cutting with refinance of Ventura mall
Macerich continues cost-cutting with refinance of Ventura mall
From left: Aron and Efram Harkham in front of 2625 Townsgate Road (LinkedIn/Aron Harkham, Luxe Hotels & Harkham Ventures, iStock)
Harkham family buys Westlake Village creative office
Harkham family buys Westlake Village creative office
Spring Place's Christian Toraldo Spring Place in Beverly Hills (Twitter, Spring Place)
Beverly Hills co-workspace faces sanctions on charges of hard partying
Beverly Hills co-workspace faces sanctions on charges of hard partying
Hudson Pacific Properties' Mark Lammas and Harout Diramerian (Hudson Pacific, iStock, RIOS)
Hudson Pacific posts loss, downplays Netflix woes
Hudson Pacific posts loss, downplays Netflix woes
From left: Greg Campbell, founding principal, Laguna Point Properties; David Olney, CEO, Berkshire Residential Investments, in front of 548 South Spring Street and 215 West 6th Street (Google Maps, Berkshire Residential Investments, Laguna Point Properties)
OC buyer gets more than 1,000 DTLA apartments
OC buyer gets more than 1,000 DTLA apartments
 GPI Companies’ Drew Planting and Cliff Goldstein (GPI, Loopnet)
GPI looks for big return on 110K sf Burbank medical complex
GPI looks for big return on 110K sf Burbank medical complex
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...