![]() “It will be driven by what companies we can attract to come to Torrance.”The campus, which Toyota is gradually vacating, comprises 18 buildings with more that 2 million square feet of office and industrial space. “We’ll take some of the buildings down and build some new ones,” Rooney said. It was disclosed by people who know about the deal but aren’t authorized to discuss it publicly.Peter Rooney, president of Sares-Regis’ commercial development division, said the 110-acre property could be worth as much as $500 million in a few years when new offices, shops and perhaps a hotel are built. It also is another example of how the region has been able to absorb the loss of corporate headquarters and associated jobs.Toyota and Sares-Regis did not release the sale price after the transaction closed this week. Developer Sares-Regis Group has acquired the former Toyota headquarters in Torrance for $270 million - making it one of the biggest real estate transactions of the year in the region, where there is high demand for campus-style offices.The price was nearly double earlier estimates and indicates the potential the Irvine firm sees in developing the sprawling office and industrial park near the 405 Freeway.
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