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TORRANCE AND LONG BEACH, CALIF. — CBRE has negotiated the acquisition of five properties in Torrance and Long Beach on behalf of an undisclosed, San Diego-based exchange buyer. CBRE’s Dan Blackwell and Trey Mitchell represented the buyer. The five transactions fulfilled the buyer’s 1031 exchange requirement following the disposition of a 3.8-acre property in Torrance. CBRE’s John Read, Greg Sullivan and Trent Steeves represented the investor in the sale of the asset in Torrance.
The five acquired properties were sourced from different private sellers in Southern California. The properties include:
- An 11-unit community at 1751 Cabrillo Avenue in the Old Town Torrance neighborhood of Torrance. The property was built in 1964 on 0.2 acres and traded hands for $4.8 million. Units come in one-, two- and three-bedroom layouts. Amenities include a laundry facility.
- A 16-unit property at 927 Daisy Avenue in Long Beach, adjacent to the vibrant East Village Arts District and Downtown Long Beach. The asset traded hands for $3.8 million. Built in 1964 on 0.2 acres, the community features all two-bedroom units.
- A six-unit property at 908 Roswell Avenue in Long Beach’s Greenbelt Heights area. The buyer acquired the community for $2.4 million. The complex was built in 1965 on 0.1 acres and offers two- and three-bedroom units, including a townhome unit with garage access.
- A seven-unit property at 1512 E. Florida Street in Long Beach’s Alamitos Beach area. The property sold for $2.4 million. Built in 1964 on 0.1 acres, the 5,834-square-foot building features six two-bedroom units and one three-bedroom unit.
- A 16-unit community at 477 E. South Street, near the Bixby Knolls area in Long Beach. The asset traded hands for $3.6 million. The community was built in 1961 on 0.2 acres. The 9,840-square-foot building features all two-bedroom units.