The building, Continental Grand Plaza II, stands at 400 Continental Ave. It was built in 1999 and is fully leased to tenants including e-business giant BroadVision Inc., which took 22,500 sf of space in the development last November in a seven-year deal valued at $5 million.
The seller is a joint venture of New Jersey-based REIT Mack-Cali Realty Corp. and privately held Highridge Partners. The JV developed the project with management help from Summit Commercial Properties Inc., an affiliate of El Segundo-based Highridge.
Continental Grand Plaza II was the last LA-area building owned by Mack-Cali. "We look forward to reinvesting the proceeds from this sale to continue to build our presence in our core markets in the Northeast and Mid-Atlantic regions," says CEO Mitchell E. Hersh.
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