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September 22, 2021
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Rexford Industrial Realty Completes $182 Mil Tech Campus Buy in Torrance

8/24/21

Rexford Industrial has purchased Torrance Technology Campus, a five-building, 576k sf technology campus situated on 27 acres in the heart of the Los Angeles’ South Bay region. The property, located at 3100-3110 Lomita Blvd and 3121 Skypark Dr in western Torrance, traded for $182 mil, or about $316/sf.

The property is 90% leased to three credit tenants. L3Harris (S&P: BBB) occupies 80% 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. In 2016, L3 Harris expanded operations and extended their lease in this mission-critical facility with over $40 mil of infrastructure improvements throughout the campus.

According to Rexford, the property is positioned to generate an initial yield of 5.3%, growing over time with approximately 3.0% annual contractual rent escalations. Upon expiration of the leases, the firm intends to either renew the entrenched tenants or construct new Class A industrial buildings on the site.

Newmark’s Co-Head of U.S. Capital Markets Kevin Shannon, Senior Managing Director Scott Schumacher and Executive Managing Director Ken White represented the seller, Torrance FRM LLC. Rexford Industrial represented itself in the transaction.

“This 27-acre industrial-zoned parcel in Torrance provides inherent long-term value with scale that is nearly impossible to replicate in this mature infill market,” said Shannon. “The tech campus also produces current long-term returns that are more than double those found in the industrial market today from an investment grade tenant.”

Schumacher added, “Given the limited opportunities to acquire industrial land in the South Bay market and the recent massive run-up in land values, industrial investors and developers have increasingly sought covered-land-plays to secure opportunities like this for future redevelopment.”






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