The buyer is SBP Limited Partnership, a Solon, OH-based industrial investment group. The building is occupied by Cleveland, OH-based Tremco Inc., a national roofing materials company. The 25-year tenant has signed a lease with the new owner for an additional 15 years.
SBP Limited Partnership was represented by Steve Sprenger of Grubb & Ellis' Anaheim office and Bart Pucci of Grubb & Ellis' Downtown Los Angeles office, along with David O'Neill from Colliers of Cleveland. The seller, San Francisco-based Catellus Development Corp., was represented in-house.
Investors continue to vie over property in the county's tight industrial market, as there is little space available for new development. Vacancy rates here continue to be in the low single digits, as it is expected that demand will continue to outpace supply.
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