{"id":1004234230,"date":"2018-06-11T01:53:18","date_gmt":"2018-06-11T09:53:18","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004234230"},"modified":"2022-12-09T02:30:13","modified_gmt":"2022-12-09T10:30:13","slug":"frm-associates-buys-la-area-office-rd-campus","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/frm-associates-buys-la-area-office-rd-campus\/","title":{"rendered":"FRM Associates Buys LA-Area Office\/R&amp;D Campus"},"content":{"rendered":"<p>By Scott Baltic<\/p>\n<div id=\"attachment_1004234232\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/L3-Technologies-Torrance-Tech-Campus.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004234232\" data-attachment-id=\"1004234232\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/frm-associates-buys-la-area-office-rd-campus\/l3-technologies-torrance-tech-campus\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/L3-Technologies-Torrance-Tech-Campus.jpg\" data-orig-size=\"890,667\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"L3 Technologies Torrance Tech Campus\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;L3 Technologies Torrance Tech Campus&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/L3-Technologies-Torrance-Tech-Campus.jpg?w=890\" class=\"wp-image-1004234232 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/L3-Technologies-Torrance-Tech-Campus.jpg\" alt=\"L3 Technologies Torrance Tech Campus\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/L3-Technologies-Torrance-Tech-Campus.jpg 890w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/L3-Technologies-Torrance-Tech-Campus.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/L3-Technologies-Torrance-Tech-Campus.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004234232\" class=\"wp-caption-text\">L3 Technologies Torrance Tech Campus<\/p><\/div>\n<p>A partnership between Platform Ventures and PMRG has sold a five-building, 574,010-square-foot office\/R&amp;D campus in Torrance, Calif. for $124 million to FRM Associates.&nbsp;L3 Technologies Torrance Tech Campus was 91 percent occupied at the time of sale by defense contractor L3 Technologies and Torrance Memorial Medical Center.<\/p>\n<p>The 26.7-acre property is situated at 3100 Lomita Blvd., adjacent to Torrance Memorial Medical Center and the Torrance Municipal Airport, and includes both low-rise office and R&amp;D buildings. It recently underwent a $30 million renovation, as well as the construction of a new lobby.&nbsp;Built between 1967 and 1998 by Hughes Aircraft Co., the asset had last sold for $67 million in late 2016, according to information provided to <em>Commercial Property Executive<\/em> by Yardi Matrix.<\/p>\n<p>L3 Technologies, which leases 80 percent of the campus, recently executed a 15-year lease extension and expanded operations in what is described as a \u201cmission-critical facility\u201d where the company develops electronic devices for both civilian and military applications. L3 is a major U.S. government contractor, particularly in C3ISR (command and control, communications, intelligence, surveillance and reconnaissance) systems.&nbsp;<\/p>\n<p>\u201c<em>With the recent execution of L3\u2019s 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\u2019s vacant space<\/em>,\u201d NKF Capital Markets Co-Head of U.S. Capital Markets Kevin Shannon said in a prepared statement. \u201c<em>Torrance is enjoying lower vacancy rates as it benefits from El Segundo\u2019s terrific market momentum<\/em>.\u201d<\/p>\n<p>NKF\u2019s Shannon, along with Ken White and Scott Schumacher, as well as market experts Eric Lastition and Geoff Ludwig, represented the seller. NKF Capital Markets Executive Managing Director David Milestone and Managing Director Brett Green arranged the&nbsp;financing on behalf of the buyer.<\/p>\n<h2>Redevelopment plans in the area<\/h2>\n<p>Torrance is home to the U.S. headquarters of American Honda Motor Co. and till recently was also home to the U.S. HQ of Toyota Motor North America, though the latter announced in 2014 that it was relocating to Plano, Texas.<\/p>\n<p>The former Toyota headquarters, a 110-acre property, was <a href=\"https:\/\/www.commercialsearch.com\/news\/sares-regis-to-redevelop-former-toyota-hq\/\">sold to Sares-Regis Group<\/a>&nbsp;last October. The property\u2019s 2 million square feet of space in 18 buildings includes an on-site data center, four central plants, a hydrogen fuel cell power plant, two hydrogen fueling stations, parking for more than 8,000 vehicles, and two helipads.<\/p>\n<p><em>Image courtesy of NKF Capital Markets<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>NKF Capital Markets brokered the deal on behalf of the sellers, Platform Ventures and PMRG. The 574,000-square-foot property has long been home to aviation and defense companies.<\/p>\n","protected":false},"author":882,"featured_media":1004234232,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,1594,21742,21747,15],"tags":[36085,38163,33532,36007],"class_list":["post-1004234230","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-los-angeles","category-latest","category-office","category-west","tag-brett-greenberg","tag-ken-white","tag-kevin-shannon","tag-newmark-knight-frank"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>FRM Associates Buys LA-Area Office\/R&amp;D Campus - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/frm-associates-buys-la-area-office-rd-campus\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FRM Associates Buys LA-Area Office\/R&amp;D Campus\" \/>\n<meta property=\"og:description\" content=\"NKF Capital Markets brokered the deal on behalf of the sellers, Platform Ventures and PMRG. The 574,000-square-foot property has long been home to aviation and defense companies.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/frm-associates-buys-la-area-office-rd-campus\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-06-11T09:53:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T10:30:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/L3-Technologies-Torrance-Tech-Campus.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"890\" \/>\n\t<meta property=\"og:image:height\" content=\"667\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/frm-associates-buys-la-area-office-rd-campus\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/frm-associates-buys-la-area-office-rd-campus\/\",\"name\":\"FRM Associates Buys LA-Area Office\/R&amp;D Campus - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/frm-associates-buys-la-area-office-rd-campus\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/frm-associates-buys-la-area-office-rd-campus\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/L3-Technologies-Torrance-Tech-Campus.jpg\",\"datePublished\":\"2018-06-11T09:53:18+00:00\",\"dateModified\":\"2022-12-09T10:30:13+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/frm-associates-buys-la-area-office-rd-campus\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/frm-associates-buys-la-area-office-rd-campus\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/frm-associates-buys-la-area-office-rd-campus\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/L3-Technologies-Torrance-Tech-Campus.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/L3-Technologies-Torrance-Tech-Campus.jpg\",\"width\":890,\"height\":667,\"caption\":\"L3 Technologies Torrance Tech Campus\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/frm-associates-buys-la-area-office-rd-campus\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"FRM Associates Buys LA-Area Office\/R&amp;D Campus\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\",\"name\":\"Scott Baltic\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96\",\"caption\":\"Scott Baltic\"},\"description\":\"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. 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