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21176 South Western Avenue

GROUND LEASE

Torrance, CA 90501

  • 62,380 sqft
  • inquire for pricing
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    Ground Lease Suite62,380 sqftInquire for pricing

    Neighborhood

    Torrance

    To mention Torrance is to evoke a quintessentially SoCal way of life: A coastal community, whose sunny stretch of sand and water seems perpetually dotted with surfers in search of less-crowded waves. And while there’s an undeniable truth to this sun-kissed rep, there’s more to Torrance than tanning and hanging loose. The city, independent to itself but part of the greater Los Angeles County, is an attractive blend of diversity, industrial sectors, and sprawling residential pockets that result in a high quality of life.

    Since it’s a ways away from Downtown Los Angeles – 20 miles, rendering a travel time that can fluctuate dramatically thanks to county traffic – Torrance has carved out a business personality of its own. Corporate HQs, medical, retail, automotive, high-tech, and manufacturing are some of the main sectors. The American Honda Motor Company is based in Torrance, as is the main bakery facility for King’s Hawaiian bread, plus a number of homegrown tech and distributor companies.

    Campus-style buildings are popular here, but the sheer availability of space isn’t the only draw to Torrance. Its family-friendly vibe, plus relative proximity to its fellow beach towns in LA county, makes Torrance a fit for businesses in search of balance for its employees.

    Torrance Office Space | Lease Data & Trends

    Class A (per month)Class B (per month)Inventory
    South Bay$3.20/sf$2.50/sf28 msf
    West Los Angeles$5.15/sf$4.15/sf55 msf
    Mid-Wilshire$4.20/sf$3.25/sf10 msf
    Downtown LA$3.60/sf$3.05/sf30 msf

     

    Torrance is part of the South Bay submarket, where occupancy losses recently rebounded, thanks to an overall vacancy rate that dropped to 17%. The largest lease of the first quarter of 2018 was in Torrance – in the 190th Street Corridor, Davita renewed and expanded its 80,000 square foot space. Investor interest is strong in Torrance, as is tenant demand, both of which contributed to an uptick in rent in the greater South Bay.  In the past year, the average rental rate in the South Bay increased by 14%. The average asking rate for space in the South Bay hovers around $2.50 per square foot per month ($30 per square foot per year), and decreases slightly for Class B; Class A goes up to around $3.25 per square foot per month.

    The sale of the 570,000-square-foot Torrance Tech Campus at 3100-3110 Lomita Boulevard was one of the LA region’s key transactions for Q2 of 2018. Platform & PMRG purchased the property from FRM Associates for over $200 per square foot.

    There are nearly 28 million square feet of inventory in the South Bay, of which over 18 million is Class A space; the remaining 10 million is Class B space. Over 440,000 square feet of Class A space is under construction, along with an additional 60,000 square feet of Class B space.  

    What Our Brokers Say About Torrance Office Space for Rent

    Torrance is the starting point for The Strand (also known as the Marvin Braude Bike Trail), a coastal bike path that winds along Southern California. Cycling is perhaps the easiest way for anyone sans a car to commute, since the city has a 52 Bike Score but only a 37 Transit Score. As with so much in the greater Los Angeles county, a car is all but a must-have. Thanks to its large size, Torrance has plenty of parking spaces.

    The city was more or less put on the industrial map by Toyota, whose headquarters at 190th Street and Western Avenue were opened in 1967. The HQs was one of the top employers in the area up until 2017, when the company relocated to Texas; this, in turn, carved out an opportunity for the developer Sares-Regis Group to acquire the former space.

    Greenery is a big perk of life in Torrance: The city has more than 45 parks and recreational areas. Perhaps its best-known is the Charles H. Wilson, reputed for its sizable running paths and tennis courts, plus a twice-weekly farmers market on Crenshaw Boulevard that happens every Tuesday and Saturday. There’s also The Plunge, an Olympic-size heated pool that’s popular with families for swimming lessons and open hours.

    Unusual for a city of its size, nature in Torrance transcends beyond the parks: The Madrona Marsh Preserves is over 40 acres of seasonal wetlands, whose natural habitat was never developed even as the city surrounding it sprung to urbanization. Today, it attracts families and the ecologically-minded alike for its nature classes (the site has a Nature Center right across the street) and stellar bird watching.

    There’s also a burgeoning craft brewing scene throughout Torrance, reflecting a definite sense of investment and laidback innovation in the city.

    Get to Know Torrance, CA

    Before there were surfers or Toyota in Torrance, there was Old Town Torrance. This pretty pocket of residential homes and refurbished businesses was planned by the city’s namesake Jared Torrance and designed by Frederick Law Olmsted. Within its borders (Western Avenue, Torrance Boulevard, Crenshaw Boulevard, and Sepulveda Boulevard) are numerous edifices that were designed in a unique melding of Modernist and Spanish Mission Revival.

    Suburbia in a quintessentially SoCal way, Torrance appeals to families for its significantly low crime rates. Residents are also drawn to the impressive public school system and affably slow pace of living. The Del Amo Fashion Center is one of the oldest shopping centers in the nation, and continues to expand with luxury retailers and dining chains. Torrance is second in the United States only to Honolulu in its concentration of ethnically Japanese citizens, a fact reflected by a large number of Japanese schools and banks in the city.

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