PM Realty and Platform Ventures shop 573K sf Torrance campus

Los Angeles /
Jul.July 25, 2017 05:30 PM

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


Related Articles

arrow_forward_ios
Grant Kirkpatrick with 308 The Strand (KAA Design Group, Paul Jonason, iStock)
Manhattan Beach manse aims for record price on The Strand
Manhattan Beach manse aims for record price on The Strand
Queen Mary (Google Maps, iStock)
Long Beach to size up Queen Mary in wake of failed redevelopment plan
Long Beach to size up Queen Mary in wake of failed redevelopment plan
Prologis' Hamid Moghadam and 8819 E Edison Ave in Ontario (Google Maps, Prologis)
Prologis gets option on 177 more acres in Ontario Ranch
Prologis gets option on 177 more acres in Ontario Ranch
SRG's Chris Payne and Burnham Ward's Bryon Ward with rendering of New Laguna Niguel City Center (Sares Regis Group, Burnham Ward Properties)
‘Napa Valley-esque’ downtown to be built in Laguna Niguel
‘Napa Valley-esque’ downtown to be built in Laguna Niguel
LaTerra Development's Charles Tourtellotte with 4112 Del Rey Avenue (LinkedIn, Loopnet)
LaTerra buys Marina del Rey office complex
LaTerra buys Marina del Rey office complex
CIM’s Shaul Kuba with renderings of the project at 6007 Sunset Blvd in Hollywood (Getty, CIM Group)
CIM sells site of 109-unit resi development in Hollywood
CIM sells site of 109-unit resi development in Hollywood
FS Investments' Michael Forman and Tishman Speyer's Rob Speyer with 555 South Aviation Boulevard (Tishman Speyer, LoopNet, iStock)
Tishman Speyer notches priciest LA office sale of year
Tishman Speyer notches priciest LA office sale of year
Councilman Bob Blumenfield with 5300 N. Oakdale Ave (Dean Musgrove, iStock)
Last commercial orange grove in the San Fernando Valley slated for luxury homes
Last commercial orange grove in the San Fernando Valley slated for luxury homes
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...