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Buyers Grab 65,000 SF of Office Space

LA PALMA, CA-An investor acquires a 57,000-sf office and medical property here in a 1031 Exchange, and another investor buys a Santa Ana office building.

By Bob Howard | Updated on December 22, 2003

LA PALMA, CA-A private investment firm has acquired a 57,000-sf office and medical property here called La Palma Professional Center in a 1031 Exchange, and another investor has purchased a Santa Ana office building as the sales segment continues to drive the commercial real estate market in 2003.

In the La Palma transaction, according to Mark Brunner of Cushman & Wakefield’s Long Beach office, Tridiamond LLC bought La Palma Professional Center, a 57,000-sf, multi-tenant office building, from La Palma Medical Arts Center LLC for $6.9 million.

Brunner notes that the two-story building is occupied by both medical and professional firms. Built in 1984, the center is at 7872 Walker St., across from the La Palma Intercommunity Hospital. The buyer acquired the building in a 1031 Exchange after recently selling two other properties. Brunner represented the seller, with the buyer represented by Anne Yip and Andy Deng of TLC Realty in Arcadia.

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