Business
Newmark Completes Sale of 575,976-Square-Foot Torrance Technology Campus in Los Angeles' South Bay Market
LOS ANGELES, Aug. 24, 2021 /PRNewswire/ -- Newmark1 announces it has arranged the sale of Torrance Technology Campus, a five-building, 575,976-square-foot
About this update from Newmark Group, Inc.
[{"type":"text","content":"LOS ANGELES, Aug. 24, 2021 /PRNewswire/ -- Newmark1 announces it has arranged the sale of Torrance Technology Campus, a five-building, 575,976-square-foot technology campus situated on 27 acres in the heart of Los Angeles' South Bay. The total consideration was approximately $182 million.\n\n \n \n \n \n \n \n\n \nNewmark'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. The buyer, Rexford Industrial, was self-represented. \n\"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.\" \nSchumacher 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.\" \nLocated at 3100-3110 Lomita Boulevard and 3121 Skypark Drive, the property is 90 percent leased to three credit tenants. L3Harris (S&P: BBB) occupies 80 percent of the campus with additional tenants, including Torrance Memorial Medical Center and various parking tenants. \nThe 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. \nAbout Newmark Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (\"Newmark\"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Our comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, growing startups to leading companies. In 2020, Newmark generated revenues in excess of $1.9 billion. Newmark, together with London-based partner Knight Frank and independently owned licensees, operates globally fr...