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Torrance office campus sells for $124M
Sellers paid half that in 2016 and spent $30M in renovations
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