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Legacy Partners Acquires Development Site In Torrance For $18.3M

Property Image
SOLD
$18,300,000
Chris Benton
Michael Moore
Kevin Shannon
+ 2

California

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Development Site121,968 SF
Sold 05/01/2023
the dealplayerscompscontact
Property Image
SOLD

Legacy Partners Acquires Development Site In Torrance For $18.3M

21509 Hawthorne Blvd Torrance, CA 90503, USA

See Similar Deals
Development Site121,968 SF
Sold 05/01/2023
Chris Benton
Michael Moore
Kevin Shannon
+ 2
the dealplayerscompscontact
Contact now

Summary

CALIFORNIA
Asset Type:Development Site
Price Per Square Foot:$150
Total Square Footage:121,968 SF
Transaction Type:Sale

The development site located at 21509 Hawthorne Boulevard in Torrance has been sold in a closed transaction. The asset type of the property is a development site for 200 multifamily units. The transaction involved the sale of the property.

Summary of transaction details:

The deal was facilitated by Kevin Shannon, Chris Benton, Ken White, Anthony Muhlstein, and Michael Moore of Newmark. The buyer, Legacy Partners, acquired the property from the sellers, PCCP, Muller Company, and Bentall GreenOak, for a total of $18,300,000.

Players

Ken White
Newmark
Ken White
96 deals$6.1B volume
BROKER
Michael Moore
Compass
Michael Moore
6 deals$211.2M volume(202) 262-7762
BROKER
Anthony Muhlstein
Newmark
Anthony Muhlstein
25 deals$1.1B volume
BROKER
Kevin Shannon
Newmark
Kevin Shannon
136 deals$9.1B volume
BROKER
Chris Benton
Newmark
Chris Benton
20 deals$709.6M volume
BROKER
LP
Legacy Partners
BUYER
BentallGreenOak
BentallGreenOak
SELLER
PCCP
PCCP
SELLER

Details

SOLD
IMAGE: Kevin Shannon, Ken White, Chris Benton, Michael Moore & Anthony Muhlstein DATE: 05/01/2023 ADDRESS: 21509 Hawthorne Boulevard MARKET: Torrance ASSET TYPE: Development Site (200 Multifamily Units) BUYER: Legacy Partners SELLER: PCCP, Muller Company & Bentall GreenOak BROKERS: Kevin Shannon, Chris Benton, Ken White, Anthony Muhlstein & Michael Moore - Newmark SALE PRICE: $18,300,000 #

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$976,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$65,016.03
Cash-on-Cash Return-1.27%
Monthly Debt Service$86,751.34
Annual Debt Service$1,041,016.03