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Related and Cruzan secure $64.7M refi for 21250 Hawthorne Blvd
The eight-story, 301,000-square-foot office asset in Torrance is 93% occupied and sits in a South Bay market shaped by aerospace and defense demand.
Owners Related Companies and Cruzan have secured refinancing for a Class A office property in Los Angeles’ South Bay, an asset known as the Torrance at 21250 Hawthorne Boulevard, Commercial Observer reported.
The refinancing totals $64.7 million from Waterfall Asset Management and Delaware Life. The office building spans 301,000 square feet across eight stories and is 93% occupied, according to Yardi Matrix, with tenants including All Nippon Airways, Salon Republic, Barrister Executive Suites, Compass California, Unio Health Partners, and Morgan Stanley.
Newmark arranged the debt, with Jordan Roeschlaub, Nick Scribani, and Chris Lozinak listed as the deal team. The property was built in 1988, Related and Cruzan acquired it from Stream Realty Partners for $106.8 million in 2017, and it previously secured $59.2 million of refinancing in 2022, Commercial Observer said.
Commercial Observer also noted that while the South Bay has benefited from rising aerospace and defense demand for office and industrial space, the broader Greater Los Angeles office market remains split, with overall vacancy at 25.3% after the second quarter and trophy properties at 13.5% vacancy, based on Newmark research.