The Torrance, CA-based seller acquired the 24-year-old buildingat 5353 W. Bell Rd. in 2005 for just under $10 million through asale-leaseback arrangement with Honeywell Corp. West Coast Capital,a value-add buyer, invested just under $40 per sf for improvementsafter inking a 10-year lease with the tenant in 2006, whichconsiderably increased the asset's value.

"They took a tired building and made it brand new," says KevinA. Shannon, vice chairman in CB Richard Ellis' Torrance, CA office.He says the buyer ended up getting the building at well belowreplacement cost. Shannon and CBRE vice president Ken W. White,also in the Torrance office, partnered with CBRE senior vicepresidents Robert L. Young, Glenn Smigiel and Steven M. Brabant andvice president Richard W. Abraham, all in Phoenix, to broker bothsides of the deal.

William Metzler, principal with West Coast Capital, says thetenant's long-term lease included an option to buy from the start."We'd completed our renovations on the building and it was time tosell," Metzler tells GlobeSt.com. "We notified them, they made theoffer and the deal was done."