TORRANCE, CA—Costco has purchased 23 acres of land in Torrance from the Rockefeller Group to develop an expanded area retail store. The wholesale retailer plans to build a 164,000-square-foot building on the site with a fueling station and a car wash. The sale price for the land is undisclosed.

“The sellers were not marketing the entire site for sale, but were approached by Costco. There was considerable interest from developers for portions of the entire site, as well interest from industrial users, office users and medical groups,” Todd Taugner, a principal at the Klabin Co., tells GlobeSt.com. “The site is zoned industrial, but had an environmental impact report completed, which entitled the entire site for medical office development.” Taugner represented the Rockefeller Group in the transaction, while Steve McArthur, VP of Northwest Atlantic Partners, represented Costco.

Costco plans to break ground on the property in early 2015 with delivery scheduled for fourth quarter of 2015. The site is located at 2740 Lomita Blvd. and is adjacent to an existing store to the south. This expanded store development is part of Costco's expansion plans, according to Taugner. Last month, Costco also bought acquired 17 acres of land in New Jersey for $9.4 million with plans to build a 156,000-square-foot store that will include a liquor store, pharmacy and optical services section.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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