Real estate investment manager Faropoint has made its first acquisition in Los Angeles with the purchase of a multi-tenant industrial building located at 605-655 Hawaii Ave. in Torrance. The property was acquired for $9.975 million.
Built in 1963, the 36,491-square-foot industrial facility is fully leased to four tenants. Faropoint plans to implement a value-add strategy for the property, including targeted capital improvements and lease optimization.
“This acquisition marks a significant milestone in Faropoint’s West Coast expansion strategy,” said Harold Levy, VP of acquisitions at Faropoint, who leads the firm’s Los Angeles office. “The Torrance submarket offers exceptional fundamentals with sub-20,000-square-foot vacancy rates below 2.4%, which is less than half of the greater Los Angeles metro average. By acquiring this multi-tenant property with value enhancement potential, we’re establishing our presence in one of the nation’s most supply-constrained industrial markets where we see significant opportunities to apply our value-add expertise.”
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