Toyota Vacancy Isn’t Deterring Investors in Torrance

Roger Gregory is the president of investment at PMRG.

LOS ANGELES—Next year, Toyota is set to vacate its 15-building office facility in Torrance. The move will bring more than 2 million square feet of office to the Torrance market, but the new supply doesn’t seem to be deterring investors. PMRG and Mariner Real Estate Management have partnered to purchase the Torrance Technology Campus, a five building, 573,167-square-foot office property located on 26.7 acres. The sales price was not disclosed, but sources unrelated to the deal tell GlobeSt.com that the asset traded hands for $67 million.

“While we are actively monitoring the market’s competitive landscape, we are not overly concerned about competing with the to-be-vacated Toyota space,” Roger Gregory, president of investment at PMRG, tells GlobeSt.com. “Our vacant space will be attractive to a certain type of tenant.  We believe the cost to repurpose the Toyota buildings to attract the specialized needs of our targeted tenant profile would be especially high for both the owner of the Toyota buildings and the tenant.”