Kevin Shannon of the South Bay office of Grubb & Ellis says the new owner plans to occupy part of the building, use part of it for storage, and lease out the rest. LAX acquired the property from New York-based Los Angeles Property, which owned it for approximately 20 years. The new owner has not yet moved into the facility, which the Grubb & Ellis brokers described as appealing to the buyer because of its location near the Los Angeles International Airport.
The eight-story reinforced concrete building, which was built in 1965, originally was a single-tenant building and then later housed a number of tenants who were subleasing space. The last of the sublease tenants moved out about six months ago. Shannon, Chris Sinfield, Jake Hurtado, Mike Moore and Scott Schumacher, all of Grubb & Ellis' South Bay office, represented the buyer and the seller.
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