Industrial Gets Creative Office Reno

REDONDO BEACH, CA—Montana Avenue Capital Partners, a local developer, has purchased one of the few remaining industrial properties in Redondo Beach, CA, with plans to convert it into a creative office property. The investor purchased the 50,000-square-foot, two-building property from its original owner, Klein Family Partnership, for $9.6 million, and plans to invest another $2 million into the conversion.

“My client has bought four other properties with me in the South Bay, and I identified this as another great creative office conversion,” Steve Solomon, a managing director at JLL, tells GlobeSt.com. “The neat thing about the property is that it is two separate buildings. The back building has the old bow-truss style, and is a warehouse building with loading docks. In the South Bay, there continues to be a big demand for creative office with very few office buildings and creative conversions here. It is surrounded by the residential communities of Redondo and Manhattan Beach, and of course the 405 freeway is nearby. So, it is a great location. The property had only been owned by one other person aside from my client.” Solomon represented the buyer in the transaction, while his JLL colleagues Luke Staubitz, Harvey Beesen and Andrew Dilfer represented the seller.