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January 23, 2019
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Torrance Office/R&D Complex Sells for $124 Mil


A five-building, 574k sf office/R&D campus in Torrance has sold for $124 mil, or $216/sf. The property, known as L3 Technologies Torrance Tech Campus, is 91% occupied by L3 Technologies and Torrance Memorial Medical Center.

Located at 3100 Lomita Blvd. on 26.7 acres of land, the property is directly adjacent to Torrance Memorial Medical Center and the Torrance Municipal Airport and includes both low-rise office and R&D buildings with a significant amount of surface parking. The campus recently underwent a $30 mil renovation as well as construction of a new lobby providing enhanced identity and ease of access to the campus. Built from 1967 to 1998 the original buildings were constructed by Hughes Aircraft Company.

L3 Technologies, which leases 80% of the project, had recently executed a 15-year lease extension and expanded operations in this mission-critical facility where the company develops electron devises for amplification of communication and data transitions in both civilian and military applications.

NKF Capital Markets Co-Head of U.S. Capital Markets Kevin Shannon, along with Ken White and Scott Schumacher, as well as market experts Eric Lastition and Geoff Ludwig, represented the seller, a partnership of Platform Ventures and PMRG. NKF Capital Markets Executive Managing Director David Milestone and Managing Director Brett Green arranged financing on behalf of the buyer, FRM Associates. FRM was self-represented.

“With the recent execution of L3’s long-term NNN lease, this campus provides the buyer a secure credit income stream and opportunity to create more value through lease-up of the project’s vacant space,” said Shannon. “Torrance is enjoying lower vacancy rates as it benefits from El Segundo’s terrific market momentum. Torrance has seen more office sales in the last year than the previous five years total, as capital continues to recognize where the puck is headed.”

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