Foreign, Local Buyers Pay $50M for 187,000 SF

CULVER CITY, CA-Two buyers, one foreign and one local, have acquired an office building here and two medical office buildings in Torrance in separate transactions totaling more than $50 million, according to CB Richard Ellis. The foreign buyer assumes debt on a 111,067-sf office building at 5901 Deep Valley Circle, while locally based Continental Development has acquired the medical office buildings, totaling 75,928 sf.

In the Culver City transaction, the foreign buyer acquired the Promontory, an institutional quality building at 5901 Deep Valley Circle, from Pacifica Real Estate Group for $29.5 million. According to Kevin Shannon of CBRE, the building is 100% leased to nine tenants in the West Los Angeles office market area, with “superb long-term credit tenants for the majority of the property.”

Shannon led a CBRE team including Michael Moore and Stan Gerlach who represented the seller. Jeff Pion of CBRE represented the buyer.