Kinden Mitchell of Colliers Seeley International tells GlobeSt.com that the new owner plans to turn the property into a multi-tenant building and will occupy some of the space himself.
Mitchell says the Elecctrical Education trust had owned the building for about 15 years. The building was constructed in the early 1980s, and asking rents under the new owner will probably be about $1.85 per sf per month, full service gross, he says.
The sales price was "right about market price," Mitchell tells GlobeSt.com. He says the trust will remain in the building until the end of the year, when it plans to consolidate its operations from the Cerritos building and another location into one building in the City of Commerce, Calif.
The trust was represented by Howard Floom of CB Richard Ellis.
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