Los Angeles, CA — Newmark announces it has completed the $18.3 million sale of Del Amo Village, a multifamily development site located in Torrance, California, 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.
Newmark 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, 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.”
Shannon added, “This is an exceptional multifamily site with incredible amenity access. The project should perform well given the pent-up demand for housing in the Torrance market.”
Located at 1844 Plaza del Amo, Del Amo Village is directly adjacent to numerous restaurants, banks and retail amenities, including the newly renovated Del Amo Fashion Center which attracts 20 million people per year. Over three million people live within 20 minutes of Del Amo Village.
Upon completion, the project will be a part of South Bay’s premier live-work-play destination. The South Bay market is bounded by two of the premier real estate markets in the United States, with West Los Angeles to the north and Orange County to the south. Additionally, the South Bay is easily accessible to key regional business centers in West Los Angeles, Downtown Los Angeles and Hollywood by way of the San Diego (I-405), Century (I-105), Long Beach (I-710), Artesia (SR-91) and Harbor (I-110) freeways.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies.
Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of March 31, 2023, Newmark’s company-owned offices, together with its business partners, operate from over 170 offices with approximately 7,300 professionals around the world.
