Torrance sale.

The 250,000-square-foot Torrance office building at 20101 Hamilton Ave. has changed hands. Local real estate development firm Chase Partners Ltd. has purchased the building from Alliance Commercial Partners LLC for over $43 million.

The deal for the three-story building known as Hamilton Place closed July 25.

The new owner of the property will begin a renovation of the Class A property later this month, said John Anthony of GVA Charles Dunn Co. The renovations of the common areas, lobbies and courtyard are slated to wrap up in November. Chase Partners also will add a cafe.

The property is only 25 percent occupied. In recent years Toyota Motor Co. had occupied 90 percent of the building but left the property. Current tenants include security firm Applied Signal Technology Inc. and transportation company Laidlaw International Inc.

Anthony, who represented the buyer and will handle leasing, said the building's location in the 190th Street submarket should help attract tenants. He said that the new owner already has a letter of intent from a potential lessee seeking 70,000 square feet of space.

"This particular submarket, the 190 corridor, is vastly improving and we see a big advantage in that we have the big block of space," he said.

David Parker and Rob Wood of GVA Charles Dunn also represented the buyer. The seller was represented by Kevin Shannon and Michael Moore of CB Richard Ellis Group Inc. Assisting Anthony in leasing will be Wood and Bill Bloodgood of CB Richard Ellis.

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