In the Culver City transaction, the foreign buyer acquired thePromontory, an institutional quality building at 5901 Deep ValleyCircle, from Pacifica Real Estate Group for $29.5 million.According to Kevin Shannon of CBRE, the building is 100% leased tonine tenants in the West Los Angeles office market area, with"superb long-term credit tenants for the majority of theproperty."

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Shannon led a CBRE team including Michael Moore and Stan Gerlachwho represented the seller. Jeff Pion of CBRE represented thebuyer.

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The deal involved a debt assumption of an existing loan,according to Shannon, who notes that, "There are more debtassumption deals as the debt market settles and foreign capitalbecomes an increasingly important factor." Coastal DevelopmentServices occupies 52% of the project and the State of CaliforniaBoard of Equalization occupies 31%. The four-story office buildingwas built in 1979 and renovated in 1994 and 2003.

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In the Torrance transaction, Continental Development bought twohospital-adjacent, high image medical office buildings at 3500Lomita Blvd. and 23560 Madison St. for $20.88 million in a dealthat also involved the assumption of existing Washington Mutualdebt by Continental. Shannon, Moore, Dave Smith and Tim Vaughnrepresented both Continental Development and the seller, NewportBeach, CA-based WRA Management.

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The two office assets are located in a market that is driven bytwo major hospitals, Torrance Memorial and Little Company of Mary.The buildings feature adjacent access to the Torrance Memorial anda strong tenant roster, Shannon says. The three-story Lomitabuilding was constructed in 1981 and the two-story Madisonbuilding, constructed in 1976, was renovated in 1996. "Medicalproduct has enjoyed increased favor with capital during the creditcrunch," Shannon notes. "Doctors tend to stay and the demographictrends favor this product type."

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