Torrance’s Gateway Towers trade for $107M

Ruth Group to redevelop space between 9-story towers

Los Angeles /
Oct.October 22, 2018 01:15 PM
Gateway Towers

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.


Related Articles

arrow_forward_ios
Rexford buys into gap left by Mitsuwa’s move to South Bay mall
Rexford buys into gap left by Mitsuwa’s move to South Bay mall
Rexford buys into gap left by Mitsuwa’s move to South Bay mall
CenterPoint Properties Senior Vice President, Regional Manager Bob Andrews and the warehouse (CenterPoint, LoopNet)
CenterPoint scoops up Torrance warehouse
CenterPoint scoops up Torrance warehouse
The Ratkovich Company Founder Wayne Ratkovich with renderings of West Harbor (West Harbor, Ratkovich)
Seven tenants announced for San Pedro’s West Harbor project, including Yamashiro
Seven tenants announced for San Pedro’s West Harbor project, including Yamashiro
(Facebook via Baldwin Hills Crenshaw)
Harridge buys Baldwin Hills Crenshaw Plaza; eyes $1B overhaul
Harridge buys Baldwin Hills Crenshaw Plaza; eyes $1B overhaul
Rexford Industrial Realty Co-CEOs Michael Frankel and Howard Schwimmer with the property (Rexford, Newmark)
Rexford pays $182M for Torrance industrial campus
Rexford pays $182M for Torrance industrial campus
LA city council to mull requiring vaccine proof at indoor venues
LA mulls vaccine mandate for indoor spaces
LA mulls vaccine mandate for indoor spaces
Mark and Arman Gabay and the Bedford Triangle property (LoopNet, Style Outlets)
Gabays asking $52M for trio of Beverly Hills retail properties
Gabays asking $52M for trio of Beverly Hills retail properties
Disney Store at Montebello Town Center (Disney, Shops at Montebello)
Mall vs. The Mouse: UBS sues Disney store for $275K in back rent
Mall vs. The Mouse: UBS sues Disney store for $275K in back rent
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...