Thomas Rusthoven, VP with CB Richard Ellis' private clientinvestment group, represented the seller. The seller was HighviewProperties, based here. "It was a value-added deal that had beenexecuted very well," Rusthoven says. Reportedly, the buyer isRonald Gersham, with Los Angeles-based Gersham Properties LLC. Thebuyer acquired the building as part of a 1031 exchange, Rusthovensays. The cap rate was 7%, Rusthoven tells GlobeSt.com.

The building, which is located on more than an acre at thecorner of Western and East Laurel avenues, was constructed in 1926.The property was a Mercedes dealership in the 1950s, Rusthovensays. Highview Properties acquired the property in 2003 andredeveloped the building in 2004, he says. "It still kind of keptthe story of the building," with exposed ceilings and some indoorparking, Rusthoven says.

The property was 100% leased with 11 tenants during themarketing of the property but now has one vacancy, he says.Wachovia-AG Edwards is the largest tenant, leasing 33% of thebuilding, Rusthoven tells GlobeSt.com. Other tenants include theGrille on Laurel and Finishing Touches. The asking lease rate forthe area is between $25 per sf to $35 per sf, gross, he says.