For the first time in 26 years, a retail and medical center in Torrance has been placed up for sale. The 92,895 square foot property, referred to as Madison Park, is offered with an asking price of $27.5 million, or $296 per square foot, according to CBRE, which holds the listing.
Situated on 7.76 acres, the property is located across several addresses, including 3511, 3525 & 3445 Pacific Coast Highway. According to the listing, the property is about 86 percent occupied, with UCLA Health and Thrive Pet Healthcare serving as its core tenants. Overall, the property has 31 suites, three of which are currently vacant.
Thrive Pet Health Care occupies 27 percent of the total space, or about 12,487 square feet. The nationwide pet health provider has more than 400 clinics. Additionally, UCLA Health occupies 25 percent, or 11,421 square feet, of space.
Overall, 27,393 square feet of current retail tenants have occupied the center for over 10 years, and 32,102 square feet of space has been occupied by medical tenants for more than 10 years, according to CBRE.
Other tenants at the property include China Buffet, Stahrs Cakes, Unity Fitness, Coast Surgery Center, Legsavers and various other service based tenants. The property also has a ground lease by the City of Torrance, which expires in 2054.
Madison Park is situated between Torrance’s Zamperini Field and State Route 1. Various retail assets are also within close proximity, including Torrance Towne Center and the Airport Plaza Shopping Center.
The prominent retail area draws a large population, according to CBRE, with 192,056 people residing within three miles of the property. In addition, those living within three miles of the site earn an average household income of $158,480 per year.
