Mike Meisenbach of Lee & Associates tells GlobeSt.com that the two-story, concrete tilt-up building is 100% occupied by eight tenants. He says the property was originally constructed as an industrial building in 1974 and was converted to an office building in 1984, when a second story was added, and an elevator was added in 1990.
Meisenbach and Lee's Brian Garbutt represented the seller, while the buyers represented themselves. One of the buyers was coming out of a 10-31 exchange from an apartment building and an office building, both in Orange County. Meisenbach tells GlobeSt.com that investor interest remains high in buildings like the Armstrong property that are fully leased, especially since many investors are leaving the stock market and low interest rates make the deals even more attractive.
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