Prologis Inc., a San Francisco-based real estate investment trust specializing in industrial properties, has purchased 31.2 acres of land – roughly 1.4 million square feet – at the northeast corner of Del Amo Boulevard and Prairie Avenue in Torrance from PBF Energy of Parsippany, N.J., for $49.3 million, according to CoStar Group Inc.
The undeveloped land is adjacent to the Torrance Refinery, which PBF Energy purchased from Irving, Texas-based Exxon Mobil Corp. in 2016 for $537.5 million. It is an irregular shaped parcel that is located across railroad tracks from the refinery.
Exxon Mobil sold the refinery one year after an explosion occurred at the facility.
Michael Ma of Lee & Associates was the broker who represented PBF Energy in the transaction, which occurred last month. Frank Schulz, managing principal of Klabin Co. represented Prologis in the transaction.
Prologis is a major player in the industrial real estate market. It is building two of Los Angeles County’s 10 largest industrial projects – 228,000 square feet at 5215 S. Boyle Ave. in Vernon and 195,000 square feet at 1901 W. Pacific Coast Highway in Long Beach.
Prologis and PBF Energy representatives did not immediately respond to requests for comment.
Real estate reporter Ciaran McEvoy can be reached at firstname.lastname@example.org or (323) 556-8337.