The 74,453-sf development is known as Walnut Avenue Business Park. It stands at 3259 Walnut Ave.
The buyer is F&B Properties, a private investment group based in San Francisco. It was sold by the San Francisco office of Chicago-based pension fund advisor Rreef.
Rreef was represented by a Grubb & Ellis brokerage team of Michael Randall, Dixie Walker and Charley Simpson. The price reflects a 9.3% capitalization rate, the brokers say.
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