Torrance Tech’s Unique Qualities Attract Buyer for $182M

Torrance Technology Campus, a five-building 575,976-square-foot technology campus in the South Bay, recently sold for approximately $182 million. The buyer was Rexford Industrial.

Newmark’s Kevin Shannon, Scott Schumacher and Ken White represented seller Torrance FRM LLC. The buyer was self-represented.

“This 27-acre industrial-zoned parcel in Torrance provides inherent long-term value with scale that is nearly impossible to replicate in this mature infill market,” said Shannon. “The tech campus also produces current long-term returns that are more than double those found in the industrial market today from an investment-grade tenant.”

Located at 3100-3110 Lomita Blvd. and 3121 Skypark Dr., the property is 90 percent leased to three credit tenants. L3Harris occupies 80 percent of the campus with additional tenants including Torrance Memorial Medical Center and various parking tenants.

The property includes three interconnected buildings on 26.7 acres. In 2016, L3 Harris expanded operations and extended its lease with more than $40 million of infrastructure improvements throughout the campus. “Given the limited opportunities to acquire industrial land in the South Bay market and the recent massive run-up in land values, industrial investors and developers have increasingly sought covered land plays to secure opportunities like this for future redevelopment,” Schumacher adds.