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December 10, 2017
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LOS ANGELES COUNTY NEWS
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Torrance Office Asset Trades for $21.6 Mil

10/26/17

The Knox, a two-building, 108.4k sf office park in Torrance, sold in a recent $21.6 mil ($199/sf) transaction. It was acquired by Wilshire Capital Investments.

Located at 680 and 690 Knox St, The Knox is situated on 4.9 acres and is 98% occupied by Midmark, City of Los Angeles, CH Robinson and Allied Digital. The property was originally built in 1984 and underwent a major renovation to transform into creative office space in 2016.

The Knox is located in Harbor Technology Center Business Park, a fully developed, 70-acre master-planned office project. The business park is experiencing a major transformation as a number of landlords seek to attract stronger rents by renovating their buildings to appeal to creative users. The property offers immediate access to the 405 and 110 freeway interchange and is within three more of the 91 and 105 freeways.

Kevin Shannon, Ken White and Michael Moore with NKF Capital Markets represented the seller, Ruth Group. The buyer was self-represented.

“The Knox is a stabilized asset that is attractive to capital with its recent creative reposition. 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,” said Shannon. “The per square foot difference between the El Segundo and Torrance submarkets has never been greater, and capital is recognizing that.”






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