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Rexford pays $182M for Torrance industrial campus
575K sf complex adds to firm’s massive SoCal collection
Rexford Industrial Realty has added to its massive portfolio in Southern California, picking up a 576,000-square-foot campus in South Bay.
Rexford paid $182 million for the five-building complex at 3100 Lomita Boulevard. and 3121 Skypark Drive in Torrance. The company announced the deal. Rexford paid an additional $20 million to dispose of an existing loan on the property.
Newmark’s Kevin Shannon represented the seller, LLCs linked to Kansas-based Maxus Properties and Greg Orman, managing director of private equity firm Denali Partners. Neither immediately responded to a request for comment.
Defense contractor L3Harris leases around 80 percent of the property, while Torrance Memorial Medical Center and other parking tenants occupy the remaining space. L3Harris invested $40 million into infrastructure improvements to the office campus in 2016, when it extended its lease.
Rexford said it is considering constructing a new complex at the site when the leases expire.
The company is one of the largest and most active industrial landlords in Southern California, owning almost 34 million square feet of space. Rexford is in contract to spend an additional $600 million in new investments, the firm said in a statement.
In June, it bought a 261,000-square-foot industrial park in the Arts District for $94 million.