Vital Statistics
Property Address: Torrance Technology Campus, 3100-3110 Lomita Blvd. and 3121 Skypark Drive
Square Footage: 575,976
Deal Value: $182 million
Newmark arranged the sale of Torrance Technology Campus, a five-building, 575,976 square foot technology campus situated on 27 acres in the heart of the South Bay. The total consideration was approximately $182 million. Newmark co-head of U.S. capital markets Kevin Shannon, senior managing director Scott Schumacher and Executive Managing Director Ken White represented Torrance FRM LLC. The buyer, Rexford Industrial, was self-represented.
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 is located directly adjacent to the national Joint Commission accredited Torrance Memorial Medical Center and includes three interconnected buildings on 26.7 acres. In 2016, L3 Harris expanded operations and extended their lease in this mission-critical facility with over $40 million of infrastructure improvements throughout the campus. 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.
The industrial-zoned parcel in Torrance provides inherent long-term value with scale that is nearly impossible to replicate in this mature infill market.
Vital Statistics
Property Address: 17411 Valley Blvd, City of Industry
Square Footage: 350,256
Deal Value: $117 million
CBRE facilitated the sale of this building, sold by an affiliate of tenant Sweda Company, LLC. Sweda is leasing back the facility. The property is one of only a few facilities with 37’ clear height in City of Industry with ample parking and loading on three sides of the building. The property is in proximity to I-605, I-10 & SR-60, making it a strategic distribution location. The extremely functional building features 10 dock-high doors and 36 interior truck wells, 342 parking spaces, gated perimeter fence, large truck court, 35,200 sf of second-floor office and 6,459 sf of first-floor office space.
Vital Statistics
Property Address: 15005 Northam Street, La Mirada
Square Footage: 236,069
Deal Value: $95.5 million
CBRE’s National Partners West Coast along with the firm’s Rick McGeagh and Josh Bonwell facilitated the sale of 15005 Northam Street, a 236,069 square foot, Class A, rail-served industrial building in the highly desirable Mid-Counties market, a rare infill location near the Ports of Los Angeles and Long Beach. The seller, International Paper, divested of the property in this sale-leaseback transaction. This property is strategically located less than a mile from I-5, with immediate access to other major freeways.
