Jamison Buys South Bay Properties
Los Angeles–based Jamison Properties, new owner of the California Market Center, added two properties to its growing portfolio with the purchase of the Del Amo Financial Center in Torrance, Calif., and the Gardena Medical Plaza in Gardena, Calif.
Jamison paid $68 million for the 350,000-square-foot Torrance property, according to broker Grubb & Ellis of Torrance. The property is next to the massive Del Amo Fashion Square shopping center on Hawthorne Boulevard.
San Diego–based Southwest Value Partners previously owned the office property, which consists of two office towers and four pavilions. Grubb & Ellis said the center is the largest office complex in Torrance.
The complex was built in 1966 and remodeled in 1998. Grubb & Ellis’ Kevin Shannon said the amenity base around the center is improving as a result of the $160 million redevelopment of the Del Amo Fashion Center being undertaken by the Mills Corp. and J.P. Morgan. The renovation is expected to be completed by 2007.
In the Gardena transaction, Jamison paid $14.1 million for the 115,000-square-foot medical office building, located at 1045 W. Redondo Beach Blvd., just west of Vermont Avenue. The property was sold by a partnership and is about 70 percent leased.
Jamison now owns more than 12 million square feet of real estate in Los Angeles County. The company closed on the CMC in late April.
—Robert McAllister
