TORRANCE, CA-A Southland-based development company has paid $9.5 million for a 235,000-sf industrial project in Torrance and plans to spend another $16 million to convert it to a class A office building.

The building stands at on a 10-acre parcel at 2545 W. 190th St. The privately held Mar Canyon Gersten LLC acquired the holding from high-tech giant Honeywell International Inc.

The remodeling project will include the installation of new windows and skylights as well as state-of-the-art communications and mechanical systems. Completion is expected in the second quarter 2002.

Mar Canyon Gersten has hired Withee Malcom Architects of Torrance to oversee design of the project. LA-based Swinerton Builders is the general contractor.

Stephen Cramer and Mike Condon, brokers in the South Bay office of Colliers Seeley International, represented buyer and seller in the transaction. Honeywell will lease 70,000 sf of the converted office space, Cramer says, leaving 165,000 sf available for other tenants.

The purchase provides another boost to LA’s South Bay submarket, which is showing signs of recovering from a slow third quarter. Earlier this month, reported that an affiliate of Boston-based pension-fund adviser State Street Research paid more than $100 million for the Port Los Angeles Distribution Center, a 1.8-million-sf industrial project a few blocks away from the parcel acquired by Mar Canyon.

“Torrance is a city with a steady demand for office space from a number of industry sectors,”says Cramer. “The market is holding at a 6.7% vacancy rate for class A office space, making it one of the most healthy markets in the South Bay.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.