The building, which stands at 8 Hughes, encompasses 43,566 sf. It was 100% leased at time of sale. The trust, Stivers Investment Co., has purchased the facility as a leased investment.
Stivers was represented by Scott Martin of Charles Dunn. The seller, Newport Beach-based Alton Irvine Partners, was represented by John Martin and Jim Cunningham of Grubb & Ellis' Newport Beach office.
This transaction follows on the heels of Stivers' recent acquisition in Monrovia's emerging Huntington Drive Tech Corridor. The Pasadena-based trust purchased the 86,000-sf Huntington Oaks Office Center at 1333 S. Mayflower Dr. for $10.5 million. The seller was a private partnership known as PHL-OPCO LLC.
Scott Martin represented Stivers in this transaction. The seller was represented by Trammel Crow Co. brokers Rick Putnam, Jeff Cole, Carl Anderson and Scott Crawshaw.
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