San Diego-based Halcyon Cos. acquired the two-story, Tudor-style property at 4105 N. 20th St. from Newport Beach, CA-based KBS Realty Advisors, which had it on the market for $1.79 million. KBS Realty bought the 20-year-old building in 1998 and was at the end of its hold period.

"The demand for this building was fueled by Southern California investors--all of the interest in Tudor Plaza was from Southern California," Steven Gonzalez, an investment broker with Marcus & Millichap Real Estate Investment Brokerage Co.'s Phoenix office, tells GlobeSt.com. Located near Indian School Road, Tudor Plaza is 93% occupied with an average rental rate of $15.50 per sf full service.

Gonzalez represented KBS Realty in the transaction while the buyer was represented by Chris Zorbas in Marcus & Millichap's San Diego office. Halcyon Cos. obtained acquisition financing from Santa Rosa, CA-based Sonoma National Bank.