By Nick Green

Costco Wholesale has completed the acquisition of 23 vacant acres in Torrance, paving the way for construction of a new 164,000-square-foot store next year.

The site at 2740 Lomita Blvd., the largest tract of developable land in Torrance, was slated to become a complex of medical office buildings, but the project never got off the ground in the weak economy.

Costco closed escrow earlier this month. The purchase price was undisclosed.

“Costco acquired the site in a strategic move since the property is adjacent to their existing store immediately south, one of the few facilities for which Costco is a tenant,” said Todd Taugner, a principal of The Klabin Group, which represented the sellers, The Rockefeller Group.

Plans to build the store as well as three two-story medical office buildings, a gas station and car wash were approved by the Planning Commission in August.

It’s unclear which new tenant will move into the space Costco is renting.

In April, Home Depot ruled out moving to the location.

— Nick Green