Thomas Rusthoven, VP with CB Richard Ellis' private client investment group, represented the seller. The seller was Highview Properties, based here. "It was a value-added deal that had been executed very well," Rusthoven says. Reportedly, the buyer is Ronald Gersham, with Los Angeles-based Gersham Properties LLC. The buyer acquired the building as part of a 1031 exchange, Rusthoven says. The cap rate was 7%, Rusthoven tells GlobeSt.com.

The building, which is located on more than an acre at the corner of Western and East Laurel avenues, was constructed in 1926. The property was a Mercedes dealership in the 1950s, Rusthoven says. Highview Properties acquired the property in 2003 and redeveloped the building in 2004, he says. "It still kind of kept the story of the building," with exposed ceilings and some indoor parking, Rusthoven says.

The property was 100% leased with 11 tenants during the marketing of the property but now has one vacancy, he says. Wachovia-AG Edwards is the largest tenant, leasing 33% of the building, Rusthoven tells GlobeSt.com. Other tenants include the Grille on Laurel and Finishing Touches. The asking lease rate for the area is between $25 per sf to $35 per sf, gross, he says.