Minneapolis-based real estate firm FRM Associates has purchased a five-building, 574,000-square-foot, 27-acre campus at 3100-3110 Lomita Blvd. and 3121 Skypark Drive in Torrance for $124 million, or $216 per square foot, nearly double what its sellers paid for it in 2016, according to CoStar Group Inc.
The seller, a joint venture between PM Realty Group of Houston and Fairway, Kan.-based real estate investment company Platform Ventures, was represented by Kevin Shannon, Ken White, Scott Schumacher, Eric Lastition and Geoff Ludwig of NKF Capital Markets.
FRM Associates represented itself in the deal.
Prior to the sale, the joint venture had pumped $30 million worth of renovations into the campus, including providing easier access to the site.
The property is located near Zamperini Field, Torrance’s publicly-owned airport.
New York-based L3 Technologies leases about 80 percent of the property and recently signed a 15-year lease extension at the location.
Real estate reporter Ciaran McEvoy can be reached at email@example.com or (323) 556-8337.