Medical facility sold.

Stamford, Conn.-based Lexham Private Investors LLC has paid $16.9 million in an off-market transaction for a medical office building in Torrance.

The deal with seller Wilduns Torrance LLC, a partnership of unnamed private individuals, breaks down to $257 per square toot. The 65,855-square-foot building, called Torrance Medical Plaza, is located at 3655 Lomita Blvd. The deal closed in mid-July.

The four-story Class A building is currently 81 percent leased and Wilduns Torrance completed a renovation of the property this spring.

"(The sale price) is considerably below replacement costs," said Bob Safai of Madison Partners, who represented both sides of the deal. "It would cost about $500 a foot to build. It has a lease-up to do, so it has a value-add component to it."

Lexham has been active in the local medical office market, which features very low vacancy rates. In 2006, the firm purchased medical office buildings at 3808 W. Riverside Dr. in Burbank and at 400 S. Sepulveda Blvd. in Manhattan Beach.

More recently, Lexham Holdings, an affiliate of Lexham Private Investors, purchased a Santa Monica medical office building for $14.8 million from Princeton Medical Holdings LLC. The deal for that building at 1450 10th St. closed in May.

Staff reporter Daniel Miller can be reached at [e-mail] or [phone], ext. 263.