Surf's Up for Toba Capital in $54M El Segundo Land Purchase
A planned surf park takes the place of a potential office and retail development near the new Los Angeles Chargers headquarters.
Billionaire Vinny Smith's company, Toba Capital, has made a splash in the real estate market with its recent purchase of a 9-acre portion of the former Raytheon Technologies Campus in El Segundo for a whopping $54 million. The prime location at 100 North Nash Street, next to the new Los Angeles Chargers headquarters, was originally slated for an office and retail development. However, Toba Capital has different plans for the property - a state-of-the-art surf park with artificial wave technology.
The purchase from California landlord Continental Corporation marks a change in direction for the 30-acre office campus, which was acquired by Continental from Raytheon in 2021. The surf park is expected to be a major attraction for those looking to hit the waves without leaving the city.
"We are excited to bring this unique and innovative project to El Segundo," said a spokesperson for Toba Capital. "With the growing popularity of surfing in Southern California, we saw an opportunity to create a one-of-a-kind surf park for locals and tourists alike."
The decision to pivot from a potential office and retail development to a surf park may raise some eyebrows, but it is not uncommon for developers to change course based on market demand. Plus, with the success of similar surf parks in other cities, Toba Capital is confident that their new project will be a hit.
The purchase of the El Segundo land is just the latest in Toba Capital's real estate ventures. The company has been actively investing in properties across the country, including a recent acquisition of a 30-acre site in Texas for a mixed-use development.
Only time will tell if Toba Capital's surf park