The offer was made, negotiated, countered and closed in a little more than 60 days, says Irwin Woldman, a Grubb & Ellis broker who worked on the deal. The transaction included new financing, Woldman adds.
The property, which is located at 708 Thompson Blvd, was sold by New Mexico-based Royal Motels Inc. "Royal bought the property five years ago, built it up and sold it quite profitably as an absentee owner," Woldman tells GlobeSt.com.
Woldman, who works out of Grubb & Ellis' North Los Angeles office, represented Royal. The undisclosed buyer was represented by Rahnee Im of ERA New Star Realty.
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