Phil Voorhees of CBRE tells GlobeSt.com that it's believed to be the highest price paid per sf for a comparable property on Balboa Island. The deal, he says, closed at a 6.8% cap rate with no deductions for vacancies. He calls the location "an irreplaceable corner."

Voorhees was part of a team that included Pat Scruggs, Gary Stache and Mark Larson, who represented both parties in the transaction. Voorhees tells GlobeSt.com that the wood frame and stucco building, constructed in the early part of the 20th Century, served as an office for real estate agents in the early development of Balboa Island.

The office was owned and occupied by Balboa Island Real Estate until March 2002, when Coldwell Banker Residential Real Estate bought the Balboa Island Real Estate business, but not the building. The Balboa agents became part of Coldwell Banker, which now leases the property from the new owner. The seller had owned the 201 Marine Ave. building for about 6 1/2 years.