The seller, Pacific Eagle Holdings, was represented by Drew Hild of Beitler Commercial. The buyer, Alex Winitsky, was represented by Joel Frank of First Property.
The transaction comes on the heels of a recent report showing that although the county's office vacancy rates are climbing, rents here are also rising. The report, published by NAI Capital Commercial, finds that the average rental rate for class A space is currently $2.27 per sf, as compared to $2.16 at year-end 2000.
Meanwhile, the Basin's direct vacancy rate is at 12%, as compared to 10% at year-end, NAI says. In addition, net absorption totaled negative 1.2 million sf in the first six months of 2001, as compared to positive 5.4 million sf during the last half of 2000.
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