The seller is LJ Properties LLC, an entity of former US Bank president John Elorriaga. The buyer is Granada Investments, a Portland-based LLC owned by members of the Galen family.
The two-story building is located at 5750 Arctic Dr. It was built in 2001 as the headquarters for Audio Precision, a 50-person operation that touts itself as the world's largest company dedicated purely to audio test and measurement. The company is three years into a 10-year lease.
An adjacent 75,000-sf parcel owned by Elorriaga was not figured into the deal, says Kevin Adatto, the CB Richard Ellis broker who represented the buyer. The seller was represented by Dick Reinhardt of Compass Commercial Real Estate.
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