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Investors Pay $6.5 Mil for Office Building

LOS ANGELES-A fully leased, 85,300-sf office building in Monterey Park office has changed hands. The buyer is a private investment group. The transaction was a 1031 exchange.

By Erin Cassin | Updated on May 21, 2001

LOS ANGELES-A private investment group has acquired an 85,300-sf office building in Monterey Park for $6.5 million. At the time of sale, the 21-year-old building at 2 Coral Circle was 100% leased to the Los Angeles County Development Commission, the sole tenant in the building.

The buyer was Calabasas-based MB Investment LLC. The seller was Marina del Rey-based Pacifica/Arka/Monterey Park LLC. Kevin Shannon of Grubb & Ellis’ South Bay office handled both sides of the transaction.

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