CBRE announced the sale of 22501 Hawthorne Boulevard, a 3.82-acre redevelopment site in Torrance, California, to Intracorp Homes, for $21 million.
The CBRE team of John Read, Greg Sullivan and Trent Steeves represented the seller, a locally based private investor, in the transaction. The buyer, Intracorp Homes, plans on redeveloping the site into a luxury mixed-use project to include 17 affordable residential units and commercial components.
This property has historically been configured as a multi-building and multi-tenant retail center with Gable House Bowl as the primary occupant of the property.
“22501 Hawthorne Boulevard’s irreplaceable South Bay location near the intersection of Hawthorne Boulevard and Sepulveda Boulevard, and the opportunity to redevelop the site into a higher and better use generated significant offer activity from residential and retail developers,” noted Read.
Sullivan added, “This sale validates residential developer demand for high-barrier-to-entry infill and coastal development sites that continue to drive multiple and competitive bid scenarios even in more challenging capital markets.”
Based in CBRE’s Newport Beach office, Read and Steeves handle retail investment assignments in the western states, representing the most accomplished retail investors in the U.S., while Sullivan leads the Infill Land practice focused on redevelopment and ground-up residential and senior living development sites throughout Southern California.
The team’s ability to collaborate across CBRE’s multi-discipline platform enhances its role as strategic advisors to western U.S. clients in the disposition and acquisition of properties and ensures the delivery of superior results in today’s investment market.
