Toyota Motor North America Inc. has put its massive Torrance campus on the market, almost three years after announcing plans to relocate its North American headquarters to Texas.
The 110-acre site at 19001 S. Western Ave. encompasses 2 million square feet of office and industrial space in about 20 buildings, according to Jones Lang LaSalle, which holds the listing.
Toyota spokesman Aaron Fowles confirmed the property is on the market, saying a sale was in lines with the automaker’s transition plan outlined in 2014.
The company will start moving into its headquarters in Plano, Texas, this summer, where 1,600 people are working in a temporary office, he said. The workforce includes transplants from California as well as New York state and Kentucky, but more people are expected to join from Torrance later this year.
JLL is marketing the property without a listing price and the site’s estimated value could not immediately be verified. Toyota built or purchased the campus in stages beginning in the mid-1970s; the property includes two helipads, a diesel generator, and a hydrogen fuel cell power plant as well as a pool and tennis court.
JLL Managing Director Jeff Adkison, who is marketing the property with Senior Vice President Brendan McArthur, said he expects the site to attract bidders who appreciate the location’s proximity to major transit and trade hubs.
Various options are on the table for the Toyota site’s future, said CBRE Group Inc. Senior Vice President Bob Healey. A developer could sell off the buildings one by one, which was the case when Nissan Motor Co. sold its South Bay property a decade ago. Another option would be for an industrial developer to use the space for warehouses, given the sector’s extremely tight vacancy.
A corporation could potentially buy the property for its own use, Healey said, but that seems doubtful given its gigantic size and lack of demand in the Torrance office market, where vacancy is 22.4 percent. Residential development would depend on city approval.
All that uncertainty means the property’s value is difficult to gauge. But with Healey putting Torrance land values at $50 a square foot, the baseline would likely be $235 million.
New York real estate investor Monday Properties is, for the first time, looking west. The firm is opening an L.A. office and plans to begin targeting acquisitions in Los Angeles and along the West Coast.
Monday has appointed Philip Cyburt, previously chief executive at Laurus Corp. in Century City, to lead the effort, and plans to draw on his background in office, multifamily, and hotel projects to find properties in those sectors that could benefit from an investment infusion.
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