City Pays $18M for Transit Project Site

TORRANCE, CA-The City of Torrance has paid $17.6 million for a 15-acre site that will include five acres for a transit site, with development plans yet to be determined for the remaining 10 acres, according to brokers from the Klabin Co. who represented the city in the transaction. According to Todd Taugner, a principal in the Torrance office of the Klabin Co., the property―at 465 Crenshaw Blvd.―provides the city with a triangular-shaped site at a major thoroughfare with signalized access. The property is one-half mile south of the 405 Freeway and about one-quarter mile north of Torrance Boulevard.

City officials, in discussions leading up to the acquisition of the property, have noted that Torrance had a transit center for years until the center at Del Amo Fashion Center closed a few years ago. The new location has the added advantage of being close to rail lines if the MTA rail system is extended to Torrance in the future, officials have said.

Taugner, David Prior and Frank Schulz of Klabin represented the city, which bought the land from PPG Industries, a Pittsburgh-based supplier of paints and coatings that formerly operated a plant on the site. PPG was represented by Dave Stromath of CB Richard Ellis.