Continental Acquires $42.5M Skypark Center

TORRANCE, CA-Continental Development Corp. has purchased Skypark Center, a 22-acre office park, from Delaware-based WHC-Six Real Estate LP for $42.5 million.

The Skypark property, located along the Hawthorne Boulevard corridor, is north of Pacific Coast Highway and bordered by Madison Street and Skypark Drive. The 18-year-old office park is 80% occupied and features nine office and medical office buildings with 376,685 sf.

Richard C. Lundquist, president of Continental, describes the new acquisition as “the South Bay’s premier, campus-style office and medical complex.” Lindquist says Continental viewed the property as an attractive buy as a complement to its existing Southern California office portfolio. He cited such key selling factors as the center’s central Torrance location and proximity to executive housing on the Palos Verdes Peninsula, access to the property from 405 and 110 freeways and location near Los Angeles International Airport.

Secured Capital Corp. represented the seller and Continental Development represented itself in the acquisition of Skypark Center.

Continental Development Corp., founded in 1969, has developed more than five million sf of mixed-use, commercial and retail properties. The company, which also does property management, has properties in Northern California as well. It is based in El Segundo at Continental Park, the firm’s three-million-sf flagship, mixed-use complex in the El Segundo-Manhattan Beach market.