The buyer was Calabasas-based MB Investment LLC. The seller was Marina del Rey-based Pacifica/Arka/Monterey Park LLC. Kevin Shannon of Grubb & Ellis' South Bay office handled both sides of the transaction.
The transaction was a 1031 exchange. According to area brokers, 1031 buyers and local investors are stepping up to fill the demand in the county's office market, now that there is a diminished appetite for this type of product on the part of institutional buyers. "There is a lot of 1031 exchange money out there," Shannon says.
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