Torrance office campus sells for $124M

Sellers paid half that in 2016 and spent $30M in renovations

Jun.June 11, 2018 10:12 AM
3100 Lomita Boulevard

A large Torrance office campus has traded hands for $124 million.

Minneapolis-based FRM Associates purchased the 27-acre campus at 3100-3110 Lomita Boulevard and 3121 Skypark Drive from a joint venture of PM Realty Group and Platform Ventures, according to the Los Angeles Business Journal.

The sale works out to $216 per square foot for the 574,000-square-foot property, which was about double what Houston’s Platform Ventures and Kansas-based PM Realty paid for it in 2016.

The joint venture sunk about $30 million into the property on renovations and improvements, which included creating better access to the campus, according to the Business Journal.

Torrance and the wider South Bay submarket have seen a number of nine-figure trades in recent months, mostly for scarce Class-A warehouse space. In April, Bridge Development Partners offloaded a 500,000-square-foot space in Torrance for $103 million to a Morgan Stanley fund.

High demand for industrial real estate in the South Bay is driving demand for older properties as buyers look to gain a foothold in the submarket. [LABJ] –Dennis Lynch 

Related Articles

From left: Nuveen CEO Vijay Advani, Graymark founder/CEO Brian Hecktman

Graymark, Nuveen pay $97M for El Segundo creative office

La Mirada industrial building

Clarion pays $77M for La Mirada industrial project

510 Park Avenue and CEO of Monster Beverage Rodney Sacks

Monster Beverage affiliate guzzles down industrial project in San Fernando

The Spot at 2139 South Pacific Avenue and Adam O’Neill, president of Square One Homes, LLC, and Stonebridge Real Estate Group Inc. (Credit: Google Maps, iStock)

Multifamily development in San Pedro surges, thanks in part to Opportunity Zones

Cesar Pelli and the Hawthorne Federal Building

Auction for Cesar Pelli-designed FAA building nears end

From left: Saeed Nourmand, Michael Nourmand, Grant King and Richard Heyman

Relevant Group sues Nourmand & Associates’ founder, alleging extortion over hotel projects

Centennial founder and CEO Steven Levin with a rendering of the project

Centennial Real Estate approved for sprawling $300M mixed-use village

Apartment complex at 1435 Stanley Avenue and Raintree Partners CEO Jeffrey Allen (Credit: Apartment Finder)

Raintree Partners spends $79M on Glendale multifamily portfolio