Amstar Sells Three-Building South Bay Office Campus
Denver, CO (March 15, 2016) – Amstar announced today the sale of Torrance Pointe, a three-building 142,000 square foot office project in Torrance, California. The buyer and sale price were not disclosed.
Amstar originally purchased the property at 38% occupied from a bank 90 days after a deed-in-lieu of foreclosure process. At sale, the property was 98% leased to a diverse range of regional and national credit tenants, including Honda Motor Company and AT&T. The property benefits from a distinctive geometric design, attractive office campus environment, and a central Torrance location with close proximity to I-405, Honda’s North American headquarters, and retail amenities including Del Amo Fashion Center and Old Town Torrance.
“Amstar’s strategy upon execution was to reposition the asset within the market through an aggressive capital improvement plan, new leasing team and management focus on improving the tenant experience. We are pleased to have executed on these objectives and attracted a strong, diverse roster of credit tenants,” said Senior Vice President Brian Cornell.
Andrew Harper of Holliday Fenoglio Fowler, LP represented the seller in this transaction.
Established in 1987 and headquartered in Denver, Colorado, Amstar is a real estate private equity firm that acquires, develops and manages office, multifamily, retail, hotel and industrial properties in select U.S. and international markets. Originally formed to invest and manage the real estate allocation of a large family office client, Amstar has grown to manage approximately $1.9 billion in assets under management (as of December 31, 2015). Today, Amstar’s clients originate from across the globe and include U.S. and European institutions, insurance companies, private banks, funds of funds, and other family offices. For more information, visit www.amstar.com.