The seller, Torrance Medical Associates, has owned the property since 1998. The property is a 38,816-sf medical office building located at 3640 Lomita Blvd., here, and is in close proximity to Torrance Memorial Hospital. The building underwent a significant renovation in 1998 and was 100% leased at time of sale.
Matthew Sullivan and Ken Hitchcock of Marcus & Millichap's Los Angeles office represented the seller in this transaction. John Erthein of Marcus & Millichap's San Diego Office represented the buyer as a part of the buyer's 1031 tax deferred exchange.
Torrance Medical Arts Center has a 10.31% capitalization rate and a 16.29% cash-on-cash return, according to Marcus & Millichap. The property has a net rentable area of 38,458 sf. The facility has frontage along both Lomita Boulevard and 234th Street, with access available from either street.
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