LOS ANGELES-A local Southern California-based investor has purchased a 64,820-square-foot net-leased office property for $13.5 million. The property is located at located at 2714 Media Center Drive in the seven-building, 400,000-square-foot Media Tech Center Campus situated between Downtown Los Angeles and Glendale.

The City of Los Angeles Bureau of Sanitation currently occupies the property, while JP Morgan Chase and Apria Healthcare are among the tenants in the complex. “The building's location within one of Los Angeles' premier flex/office business parks, combined with a long history of tenancy by a government entity, generated strong demand for the asset from investors all over the country,” says Chad Gahr with NAI Capital, who represented the seller in the transaction along with NAI Capital's David Young. Lyn Fields of Madison Partners represented the buyer.

Landlords value the stability of government tenants. In a recent story posted on GlobeSt.com, mixed-use property the Alhambra renewed and expanded the lease with its largest tenant, the Los Angeles County Department of Public Health. Owner and operator Wayne Ratkovich believes that the renewal of this lease, along with others renewed is "a testament to our commitment to work with tenants and ensure we are best supporting their long term success."

The sale is the second at the Media Tech Center Campus in a year. In the fourth quarter 2012, a four building, 180,000-square-foot property sold in the complex. This property entered the market without a price to help generate interest from net-leased real estate institutions and private investors. “This approach helped maximize the sale price on behalf of our client,” says Gahr.

The gated office campus features ample parking with a 4/1000 ratio and a secure, patrolled setting.