Rockefeller Buys Land for $100M Project

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TORRANCE, CA-The New York-based Rockefeller Group Development Corp. plans a $100-million mixed-use project on a 23-acre site that the company has acquired from Grae Lomita LLC of Los Angeles . Rockefeller’s plans call for a medical and professional office project with a retail component, although the exact square footages have not been determined.

Tom McCormick, SVP for Rockefeller Group Development Corp. at the company’s Irvine office, says that the Torrance site will provide “needed office and retail space to the nearby Palos Verdes Peninsula.” The 23-acre vacant property is on the south side of Lomita Boulevard, between Hawthorne and Crenshaw boulevards and close to Torrance Memorial Hospital.

David Prior of the locally based Klabin Co., which represented the Rockefeller Group and also has the marketing assignment for the new project, says that the development is expected to break ground next year and will fill “a pent-up demand” for owner-user medical and professional office buildings in the submarket. Prior and Todd Taugner, both of Klabin’s Torrance office, represented Rockefeller.

Prior says that the site lends itself to the medical office component because of its location near Torrance Memorial Hospital. He tells GlobeSt.com that the development site has been vacant for about 12 years, after having once served as the home to an aircraft industry-related manufacturing unit of Teledyne.

The development site is within the Torrance city limits. “We’re in an ongoing process of working with the city and planning,” Prior says, with the square footages of office, medical office and retail yet to be determined.