LOS ANGELES, CALIF. – PMRG announced today it has acquired Torrance Technology Campus in a joint venture with Mariner Real Estate Management. Torrance Technology Campus is a five building, 573,167-square-foot office property located on 26.7 acres at 3100 Lomita Blvd. in Torrance, California.
Newmark Knight Grubb Frank represented the seller, an institutional investor. Oliver Fleener of PMRG will handle leasing at the property with James Bowers of PMRG handling property management. Torrance Technology Campus has immediate availability for users ranging from 9,000 to 41,000 square feet.
“Torrance Technology Campus is located in a highly competitive market that in spite of Toyota’s decision to relocate to Dallas, continues to attract expanding firms,” said Michael Dewey PMRG Senior Vice President of Investments. “Torrance has historically been a hub of manufacturing and commercial office for Los Angeles County and acquiring a project and site of this size affords significant opportunities consistent with our investment objectives.”
Torrance Technology Campus is ideally located in the heart of the South Bay just minutes from the I-110 and I-405 freeways providing immediate access to neighboring communities. The property is currently 70 percent leased by L-3 Communications and Torrance Memorial Medical Center. Torrance Technology Campus features an onsite cafeteria and is in walking distance to abundant retail amenities along the Hawthorne Boulevard corridor.
Ryan Anderson, Mariner Real Estate Management Co-President, views the Torrance Technology Campus acquisition as “a rare opportunity to partner with PMRG to acquire what we view as a quality asset at an attractive price with an option to implement a capital improvement program that we believe will add significant value to the asset.”
About Mariner Real Estate Management
Mariner Real Estate Management (MREM) is a Kansas City-based real estate private equity firm focused on opportunistic investments in the commercial real estate market. Our experienced management team employs a disciplined and contrarian investment strategy that seeks to achieve attractive risk-adjusted returns. We strive to add value by applying knowledge of the long-term cycles and macro-economic trends that shape the real estate market and create price-to-value dislocations. Since its inception, MREM and its affiliates have purchased real estate and real estate debt with a face value of over $1.65 billion. In addition, MREM has originated over $900 million in loans. For additional information about MREM, visit www.mariner-re.com.