Jamison Properties, a Los Angeles real estate investment group, paid $68 million for the Del Amo Financial Center, a 350,255-square-foot office property in Torrance, Calif.
Southwest Value Partners, a San Diego real estate investor, sold the property, which consists of two office towers and four free standing pavilion buildings.
Del Amo Financial Center, at 21515-21535 Hawthorne Blvd., was built in 1966 and remodeled in 1998. It is 70 percent leased to tenants, including accounting firm Timothy & Good Co. and the law offices of Edward J. Deason.
Grubb & Ellis’ South Bay office represented both the buyer and seller in what is believed to be the largest office sale in the history of Torrance.
Interest in the Del Amo Financial Center was fueled by the Mills Corp. and JP Morgan partnering to redevelop the adjacent Del Amo Fashion Center. Renovations are expected to be completed in 2007 and will increase the mall’s size to 3.4 million sf.