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PM Realty JV sells 5-building campus in California for $124M

A joint venture between Houston-based commercial real estate services firm PM Realty Group LP and Fairway, Kan.-based Platform Ventures sold a 27-acre, five buildings campus in Torrance, Calif., for $124 million, the Los Angeles Business Journal reported, citing CoStar Group.

Minneapolis-based FRM Associates purchased the 574,000-square-foot property at 3100-3110 Lomita Blvd. and 3121 Skypark Drive. The price, which translates to $216 per square foot, is roughly double what the sellers paid for the asset in 2016, according to the news outlet.

The joint venture carried out $30 million worth of refurbishments on the campus before the sale.

About 80% of the campus is leased by New York-based L3 Technologies Inc., which recently signed a 15-year lease extension at the property.

NKF Capital Markets represented the sellers in the transaction, while the buyer represented itself, according to the report.