Irvine-based Sares Regis has acquired Toyota’s former North American headquarters in Torrance, according to Jones Lang LaSalle, which represented Toyota Motor Corp. in the transaction.
The 110-acre complex, at 19001 S. Western Ave., includes more than 2 million square feet of office and industrial space. Terms of the deal were not disclosed.
“This is an exceptional asset with an ideal location that presented upside opportunity through several investment strategies,” Jeff Adkison, the JLL managing director who with Senior Vice President Brendan McArthur led the team on the sale, said in a statement. “Sares Regis Group presented the best, most comprehensive offer for this high-quality asset, which allowed it to come out ahead in the competitive bid process.”
“Sares Regis Group is excited about partnering with the City of Torrance to reposition this world-class property and bring new quality companies to Torrance,” Peter Rooney, president of SRG Commercial Development, said in a statement. “This is an ideal location for businesses looking to expand or relocate to the South Bay.
The campus is located approximately 10 miles from Los Angeles International Airport and is near the ports of Long Beach and Los Angeles.
Real estate reporter Neil Nisperos can be reached at firstname.lastname@example.org. Follow him on Twitter @ReporterNeil for the latest in L.A. real estate news.