Developer Sares-Regis sells portion of its 110-acre Torrance office campus

The property, which Preylock Real Estate Holdings acquired, is part of the larger portfolio Sares-Regis bought from Toyota last year

Jul.July 10, 2018 01:00 PM
2050 W. 190th Street

Sares-Regis appears to have sliced off a part of the 110-acre former Toyota national headquarters it scooped up last year.

The Irvine-based developer sold Gramercy Plaza at 2050 W. 190th Street to the Century City firm Preylock Real Estate Holdings for $26.2 million. It’s just across Gramercy Place from the main building of the Toyota National Headquarters, which Sares-Regis bought last October from the Japanese carmaker for $270 million.

Undated photos show Toyota signage on the building. Gramercy Plaza is just over 5.5 acres with a 27-year-old office building spanning 158,000 square feet. Tenants now include a tour company catering to tourists from Japan and a healthcare staffing agency.

The sale figures out to $166 per square foot. Sares-Regis and Preylock could not be reached for comment.

Torrance has seen a handful of its large campuses trade hands over the last year or so, although none near the size of the Toyota campus. FRM Associates paid PM Realty Group and Platform Ventures $124 million for a 27-acre office property in the city last month. Continental Development picked up an 11.5-acre property for $49 million last August.

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