Newmark Arranges Sale of Torrance Development Site

Newmark completed the $18.3-million sale of Del Amo Village, a multifamily development site located in Torrance, within Los Angeles County’s South Bay submarket. Situated on 2.8 acres, Del Amo Village’s development plan includes entitlements for 200 market-rate units.

Co-head, U.S. capital markets Kevin Shannon, executive managing director Ken White, senior managing directors Chris Benton and Michael Moore and managing director Anthony Muhlstein represented the sellers, PCCP, LaCaze, Muller Company and Bentall GreenOak. The buyer was Legacy Partners.

“Del Amo Village presented investors with an extraordinary opportunity to execute a new development strategy in one of the South Bay’s most supply-constrained submarkets,” said Benton. “There has not been multifamily development of this scale and quality in the South Bay in the past 30 years, and with current demand for housing in Southern California, Del Amo Village received high investor interest.”