Garrett Sholer of Grubb & Ellis Co.'s in Newport Beach tells GlobeSt.com that the office property is "nearly irreplaceable" because of its excellent location along Pacific Coast Highway, with ocean views. Sholer and David Kluver, also in Grubb & Ellis' Newport Beach office, represented the seller, who had owned the building for a little more than three years.

Besides being a high-profile office building along the beachfront highway, Sholer says the property also is a rare find because there is hardly any land available for development in the area and obtaining entitlements for a comparable building would be very difficult. The Parc Monaco building, built in 1984, is wood frame and steel above ground, with an underground concrete parking garage.

The Grubb & Ellis brokers note that the building was 93% occupied when it entered escrow, but occupancy reached 100% occupancy during the escrow period. The buyers, who represented themselves, purchased the building as the up-leg to a 1031 Exchange.