Quantcast

The Real Deal Los Angeles

PM Realty and Platform Ventures shop 573K sf Torrance campus

July 25, 2017 05:30PM

3100 Lomita Boulevard (Google Maps)

A joint venture between PM Realty Group and Platform Ventures is looking to sell its 573,167-square-foot office campus in Torrance.

The five-building property at 3100 Lomita Boulevard, known as Torrance Technology Campus, is valued at about $125 million, according to REAlert.

The property is 91 percent occupied. Its largest tenant is defense contractor L3 Technologies, which occupies 80 percent of the campus with a lease that doesn’t expire until 2031. The other tenant, Torrance Memorial Medical Center, occupies 11 percent with a lease until 2022, REAlert reported.

L3, which specializes in communications systems for military platforms, invested $40 million into building improvements.

Houston-based PM Realty and Kansas City-based Platform Ventures, formerly Mariner Real Estate Management, purchased the 26.7-acre property in November 2016 for $67 million, or $117 per square foot, from Deutsche Asset Management.

Newmark Knight Frank has the listing.

The South Bay market, which includes Torrance, has an average sales price of $268 per square foot and is considered the most affordable for office investment, according to a quarter two report from Marcus & Millichap. [REAlert] — Subrina Hudson