EL SEGUNDO, CALIF. — Newmark has brokered the sale of a research-and-development (R&D) office facility in El Segundo, located just south of Los Angeles International Airport. Hackman Capital Partners sold the property, which is fully leased to electric vehicle manufacturer Rivian on a triple-net basis, to Majestic Realty for $27.2 million, or $480 per square foot.
Situated on 2.1 acres at 401 Coral Circle, the 56,815-square-foot facility features 24-foot clear heights, six dock-high doors, 3,000 amps of power, a car wash and 110 parking stalls. Originally built in 1967 and renovated in 2020, the property serves as both a customer-facing service center and a highly secure R&D facility, supporting Rivian’s consumer and commercial vehicle lines.
Kevin Shannon, Rob Hannan, Ken White, Laura Stumm, Micheal Moll, Ryan Plummer, Andrew Briner and Aaron Banks of Newmark represented the seller in the deal. Blake Thompson and Travis Bailey, also with Newmark, provided support on the debt strategy and financing consideration throughout the transaction process.