Sares Regis dropped a whopping $270M for Toyota’s Torrance campus

UPDATED, October 23, 2017, 8:00 a.m: Irvine-based developer Sares Regis Group paid $270 million for Toyota’s former headquarters in Torrance, the Los Angeles Times reported. That’s nearly double than the initial $150 million estimate.

The price, although not officially disclosed by either party involved, qualifies it as one of the year’s most expensive real estate transactions in the South Bay region. Other deals in the booming industrial region include the much-smaller $49 million Continental Development acquisition, as well as Industrial Property Trust’s estimated $103 million purchase of 20333 S. Normandie Avenue.

The 110-acre property could be used for new offices, shops and perhaps a hotel, Peter Rooney, president of Sares Regis commercial development division, said. It could be worth as much as $500 million in a few years.

“We’ll take some of the buildings down and build some new ones,” Rooney said. “It will be driven by what companies we can attract to come to Torrance.”

An estimated 4,000 people might be employed at the new site, a whole 1,000 more than Toyota’s 3,000 employees.

Jeff Adkison and Brendan McArthur of JLL brokered the sale.

Sares Regis operates commercial and residential development services throughout California, Phoenix and Denver, according to its website. The firm is no stranger to redevelopment – it recently repurposed a former aircraft plant near Long Beach known as Douglas park to include 4.1 million square feet of new building space. [LAT] – Natalie Hoberman