Triple Net acquired the property from Monterey SK Associates through its affiliate NNN 901 Corporate Center LLC on behalf of 1031 exchange tenant-in-common investors. Major tenants of the property include New York Life Insurance Company, Kajima Corp. and Dependency Court Legal.

Stephen Corea, VP of acquisitions for Triple Net, says the building, which was developed in the 1980s, was nearly 95% occupied at the time of the sale. The deal was brokered by Kevin Shannon, Scott Schumacher and Michael Moore of the Torrance office of Grubb & Ellis, with financing arranged by Gary Ruhl of Triple Net Properties through Bank of America. The asset is part of the Corporate Center Business Park at the confluence of the 10 and 710 freeways. The business park is part of a San Gabriel Valley office submarket that remains an attractive alternative to the Downtown Los Angeles Central Business District and the Tri-Cities market, office brokers say. In general, the local market offers less expensive rental rates, plentiful parking and a centralized location. The overall vacancy rate for office space has been holding steady at about 15%, and the San Gabriel Valley market posted positive net absorption in the most recent quarter, according to brokerage company reports.

The acquisition of 901 Corporate Center enlarges a growing portfolio for Santa Ana-based Triple Net, which owns more than 12 million sf of commercial properties with a market value of $1 billion. Through its tenant-in-common purchase structure, Triple Net is buying and selling properties throughout the Western US, Florida, Illinois, Nevada, Texas and the Hawaiian Islands.