Manhattan-based Newmark Knight Frank has completed the $106.2 million sale of Gateway Towers in the South Bay, the real estate firm said Oct. 22.

Gateway Towers comprises twin nine-story buildings at 970 and 990 190th Street. The approximately 444,000-square-foot property is 91 percent leased and counts Herbalife International of America as its anchor tenant.

New York-based real estate firm Ruth Group is the buyer of the property along with San Francisco-based Roxborough Group as its capital partner. The owners plan to develop the land parcel in the middle of the buildings with restaurants and creative office space, the company said.

“The project and the immediate area are ripe for these amenities which will create a unique competitive advantage for Gateway Towers,” Senior Managing Director Scott Schumacher said in a statement.

Manufacturing, retail and trade reporter Shwanika Narayan can be reached at [email protected] or 323-556-8351. Follow her on Twitter @shwanika.