Located at 1691 E. Sixth St., the single-tenant facility encompasses 60,018 sf. It has housed big-name tenants since its completion in the 1970s, when it was built for Kmart. When the retailer moved on in search of a larger facility, Builder's Emporium leased up the space. And when that hardware chain went out of business in 1997, Food 4 Less swooped in and signed a long-term contract.

Buyer Rockreef was attracted to the "rarity" of finding a property with a triple-net lease and rent increases, according to Mel Moss of NAI Capital Commercial, who worked on the deal. The company is an Asian buyer who wanted to acquire California real estate and recognized the "intrinsic value" of the property, Moss tells GlobeSt.com. He adds that Haft decided to sell the property because he was repositioning his estate.

Moss acted on behalf of Haft Properties. Teloc Management represented Rockreef USA. "It was a difficult transaction because it had some very onerous financing," Moss tells GlobeSt.com, adding that it was worked out in the end because of the high level of interest on the part of the buyer.