Grubb & Ellis Co., which had the disposition assignment, confirmed the sale in an announcement did not name the parties involved or the negotiated price. The brokers involved, G&E EVP Edward Suharski and brokers Steven Golubchik and Seth McKinnon declined to confirm the information GlobeSt.com obtained from third parties but did comment on a general investment trend.

"We're seeing a tremendous amount of private capital coming into the market [whereas] institutional capital is mostly still on the sidelines," Suharski tells GlobeSt.com. "Private capital investors typically seek higher returns than institutions; now that they are able to achieve those returns private investors feel they can compete on pricing," especially when they bring all-cash offers that promise a quick close.

The Goethe Road asset is a 126,000-square-foot R&D/office building located within the master-planned South Bradshaw Business Center. Completed in 1997, the building is 100% leased to the State of California Dept. of Corrections through 2016 under an agreement that includes annual rent increases.