Royal Airport Center is located at 5933 West Century Blvd. in Los Angeles. The property was 94% leased at the time of sale. The site has a total of 23 tenants. The office building was built in 1982 and has 12 stories.
The sales price translates to $62 per sf, which is considered fair market value for a site of its size, age and location. The price per square foot is on the low end of the market because it was a ground lease with a 10% capitalization rate.
Kevin Shannon and Chris Sinfield of Grubb & Ellis' Los Angeles South Bay office represented both the buyer and the seller in the transaction with assistance from the leasing team of Tim Vaughan and Dave Smith of CB Richard Ellis.
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