Voorhees, who represented the seller with CBRE colleagues Todd Goodman and Kirk Brummer, says the low cap rate was made possible by the generous terms of the property's original $63 million loan, which the buyer was able to assume for a 0.5% fee. The seller, an undisclosed high net-worth private investor from the Pacific Northwest, acquired the property for $75 million in late 2007. He persuaded the lender to provide a 10-year loan at a 5.43% interest rate with interest-only payments through the entire term.

"It was the height of the real estate boom, and lenders were being very competitive," Voorhees tells GlobeSt.com. "They felt this was a low-risk deal because so many tenants were in place under long-term leases that still had years to run. But because it's an interest-only loan, the cash-on-cash return for the buyer is very strong."

The property sold to SKT Investments, a joint venture between a family of Korean investors whose son lives in Los Angeles and Los Angeles-based Realty Land Co., whose principal, Edward Kim, represented SKT. Voorhees reports his team received offers from six prospects and negotiated with three of them. Significantly, all were high-net-worth investors. "There was no institutional interest," he says.