Federal Trade Commission Orders Dow Chemical to auction
19500 Mariner Avenue, Torrance, California
New York, NY – June 6, 2011 – (RealEstateRama) — Paul Galanis, managing director of CBRE Auction Services, announced today that a 28-acre redevelopment site located in Torrance, California, will be sold in a sealed bid auction on Wednesday, July 20th, 2011, providing a singular opportunity for future redevelopment in the heart of the South Bay.
Zoned M-2 for heavy manufacturing, the property located at 19500 Mariner Avenue is rail served with three on-site spurs/side tracks, and features two vacant buildings totaling 44,500 square feet. There are existing leases with Arkema, Praxair and Honeywell, each of which covers operating costs for their respective areas of the site. The site is in close proximity to the San Diego (405) Freeway, offers street access off of Hawthorne Blvd, Mariner Avenue, and Pioneer Avenue, and is situated only 14 miles from the Port of Los Angeles.
“This offering represents an excellent opportunity for an owner/user with long-term vision to acquire a well-situated site with tremendous future redevelopment potential,” said Paul Galanis, managing director of CBRE Auction Services.
Los Angeles is the nation’s second largest industrial market, with the city of Torrance being a prime location for manufacturing enterprises. Torrance is home to the U.S. headquarters of two of the three largest Japanese automakers, Toyota Motor Sales U.S.A. and American Honda Motor Company. In addition, Robinson Helicopters are designed and built in Torrance, as are Honeywell’s Garrett turbochargers used on automobile engines worldwide. Among the City’s top employers, in addition to those already mentioned are: Hi Shear Corporation, Alcoa Fastening Systems, Exxon Mobil Oil Corporation, L-3 Communications Electron Tech, Inc., Pelican Products, Inc., and Adecco.
“Given the FTC’s mandate to auction the property, we anticipate wide investor/developer interest in this offering,” said Douglas Johnson, managing director CBRE Auction Services, “as a long-term development play for anyone wishing to secure a well-positioned site in the midst some of the world’s largest industrial corporations.”
The property will be sold in a sealed bid auction format, subject to the approval of the FTC. The sealed bid deadline is July 20th at 2pm PDT. An initial earnest money deposit of five (5) percent of the total purchase price is required to participate. The site will be available for inspection at 9:30 am, PDT on Thursday, June 23rd and Thursday, July 7th. Bids should be submitted to the Torrance Auction Manager, 311 S. Wacker Drive, Suite 400, Chicago, IL 60606.
For more information about the auction, terms of sale, or a brochure, prospective purchasers should call CBRE Auction Services at 800-815-1038.
About CB Richard Ellis
CB Richard Ellis’ real estate auction service assists lenders, investors and users in the disposition of commercial real estate assets. The group joins forces with CBRE experts within each business line to develop comprehensive marketing program designed to achieve clients’ goals and to maximize the value of the asset on a date certain. Doug Johnson, Paul Galanis, and Jeff Barrett lead the group. More information on CBRE Auction Services can be found at www.cbre.com/auctionservices
CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2009 revenue). The Company has approximately 29,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. CB Richard Ellis has been named a BusinessWeek 50 “best in class” company for three years in a row. Please visit our Web site at www.cbre.com.