Newmark arranged the $27.25 million sale of 401 Coral Circle, a 56,815-square-foot R&D office facility located in El Segundo, California. The property is 100% leased on a triple-net (NNN) basis to Rivian. The buyer was Majestic Realty.
Newmark’s Kevin Shannon, Rob Hannan, Ken White, Laura Stumm, Michael Moll, Ryan Plummer, Andrew Briner and Aaron Banks represented the seller, Hackman Capital Partners.
Hackman Capital Partners originally acquired 401 Coral Circle in 2018 for $15.3 million, repositioned the asset and leased it to Boeing and subsequently Rivian. The $27.25 million sale price, approximately $480 per square foot, represents a 78% increase in value over Hackman’s eight-year hold period and is a testament to the strength and desirability of the South Bay market.Â
Originally built in 1967 and renovated in 2020, the facility serves as both a customer-facing service center and a highly secure R&D facility, supporting Rivian’s consumer and commercial vehicle lines.Â
The post El Segundo Rivian R&D Facility Acquired for $27.25M appeared first on Connect CRE.
​Â
