By Razvan Cimpean
Ruth Group sold The Knox, a two-building office park in Torrance, Calif., to Wilshire Capital Investments. The 108,000-square-foot property changed hands for $21.6 million. At the time of sale, the asset was 98 percent occupied.
Located at 680 and 690 Knox St., within the Harbor Technology Center Business Park, the property sits at the intersection of interstates 110 and 405. The Knox offers easy access to multiple bus stations, restaurants and hotels, including Los Chilaquiles Mexican Grill, Holiday Inn and Extended Stay America. Completed in 1984, the two buildings underwent a major cosmetic renovation in 2016. Tenants include C.H. Robinson, Midmark Corp. and Allied Digital.
Kevin Shannon, president of NKF’s West Coast capital markets group, along with NKF Executive Managing Director Ken White and Managing Director Michael Moore, represented the seller, Ruth Group. The buyer was self-represented. Earlier this month, Shannon and White also arranged the sale of 800 Corporate Pointe, a 246,000-square-foot Culver City office asset.
“Creative office rents in this market are about 20 percent higher than traditional office space, and the Torrance submarket is significantly more economical than other nearby locations such as El Segundo,” Shannon said in a prepared statement.
Image courtesy of Newmark Knight Frank