At the time of sale, the facility was 100% leased. The building's major tenant is Aon Corp., the insurance brokerage and underwriting organization, which occupies approximately half of the building.
Kevin Shannon of Grubb & Ellis' South Bay office represented the buyer, Palo Alto-based Strock Hermosa LLC, and the seller, Torrance-based Hermosa Center LLC, in the transaction.
The deal 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.
The deal is the most recent in a string of transactions to occur in the county's office market in the last week. Five office properties have changed hands in the county in this week, with a combined value of more than $99 million.
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