Barak Investors Group & MIP Investment announced today completing the acquisiton of a $16.75 million fully-leased two-story office property located in Torrance California
(PRWEB) January 30, 2017 -- Barak Investors Group and MIP Investment Just announced the completion of the transaction for arranging a $16.75 MM acquisition of a Government / fully leased two-story office building in Torrance CA/South Bay. The property located at 20221 Hamilton in Torrance is a 100% leased asset by the County of Los Angeles, Child Support District Division.
In this transaction, Barak Investors Group and MIP Investment represented the Buyer, PARKVIEW MANAGEMENT GROUP, INC. a known local investor from LA,. The buyer was represented by JLL as their exclusive adviser,.
Originally constructed in 1982, the 2-story property was renovated in 2002 and also recently in 2016. The Property boasts a competitive parking ratio of 3.5 per 1,000 square feet and enjoys close proximity to multiple freeways including I-110, I-405, and the 91 freeway. The County of Los Angeles, which has occupied 100% of the Property since 1992, recently executed a new 8-year lease with multiple extension options offering a new owner, strong contractual cash flow and a high probability of renewal.
Occupying the Property since 1992, the County of Los Angeles recently extended their existing lease through December 2024. The County has invested significant money into the Property during its tenancy, including approximately $2.4 million ($36 psf) in 2002 and ownership will invest another $3.8 million ($56 psf) as part of this extension.
The Acquisition arranged by Barak Investors Group & MIP Investment has made an attractive initial yields and a projected trading price well below replacement cost for the buyer’s investment - PARKVIEW MANAGEMENT GROUP, INC. - 20221 Hamilton had attractive entry point for the buyer into one of the South Bay’s most resilient submarkets.
Omid Broukhim, Barak Investors Group, +1 3109805196, [email protected]
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