Newmark Capital Markets has completed the $124 million sale of L3 Technologies Torrance Tech Campus, five-building, 574,010-square office/R&D campus in Torrance, CA. The campus is 91 percent occupied by L3 Technologies and Torrance Memorial Medical Center.
Newmark Capital Markets Co-Head of U.S. Capital Markets Kevin Shannon, along with Ken White and Scott Schumacher, as well as market experts Eric Lastition and Geoff Ludwig, represented the seller, a partnership of Platform Ventures and PMRG. Newmark Capital Markets Executive Managing Director David Milestone and Managing Director Brett Green arranged financing on behalf of the buyer, FRM Associates. FRM was self-represented.
L3 Technologies, which leases 80 percent of the project, had recently executed a 15-year lease extension and expanded operations in this mission-critical facility where the company develops electron devises for amplification of communication and data transitions in both civilian and military applications.
“With the recent execution of L3’s long-term NNN lease, this campus provides the buyer a secure credit income stream and opportunity to create more value through lease-up of the project’s vacant space,” said Shannon. “Torrance is enjoying lower vacancy rates as it benefits from El Segundo’s terrific market momentum. Torrance has seen more office sales in the last year than the previous five years total, as capital continues to recognize where the puck is headed.”
Located at 3100 Lomita Blvd. on 26.7 acres of land, the property is directly adjacent to Torrance Memorial Medical Center and the Torrance Municipal Airport and includes both low-rise office and R&D buildings with a significant amount of surface parking. The campus recently underwent a $30 million renovation as well as construction of a new lobby providing enhanced identity and ease of access to the campus. Built from 1967 to 1998 the original buildings were built by Hughes Aircraft Company.
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s and BGC’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.