The sprawling office space at the Gateway Towers sold this month for $106.5 million in one of the latest office campus deals in Torrance.
The Ruth Group and capital partner Roxborough Group purchased the two towers, the Commercial Observer first reported. The 443,500 square-foot property includes a pair of nine-story towers at 970 and 990 190th Street.
It is 91-percent leased, with Herbalife as the anchor tenant. The nutrition and weight-management company recently expanded its lease up to 140,000 square feet of space. Other tenants include Humana Dental Insurance and tech firm Bayen Group.
Robert Ruth, president of Ruth Group, told the Observer that they plan to develop the area between the buildings with retail and restaurant space. The property last sold to Equity Office in 2012 for an undisclosed sum, according to property records.
The deal continues Torrance’s recent run of big office and industrial trades. In September, San Francisco-based Prologis paid $49.3 million to acquire 31 acres of industrial land in Torrance. The city was also home to the county’s top office investment sale in June when FRM Associates paid $124 million for a 26.7-acre campus called the Torrance Technology Campus.
In July, The Real Deal reported that developer Sares-Regis sold a portion of its 110-acre Torrance campus to Preylock Real Estate Holdings at 2050 W. 190th Street for $26.2 million. That location is across the street from the main building of Toyota Nation Headquarters, which Sares-Regis bought one year ago for $270 million.