Kevin Shannon of Grubb & Ellis tells GlobeSt.com that Lee's group paid almost $19.3 million for the office property, which consists of two six-story, steel-frame buildings, one of which was built in 1985 and the other in 1987. Shannon, Chris Sinfield and Bill Maher of the Grubb & Ellis Torrance, CA office represented both Jamison Properties and the seller, Foster City, CA-based IRP Legacy Circle Associates and Los Angeles-based ING Realty Partners. Buyer Jamison owns about 7.5 million sf of office buildings in the Mid-Wilshire district of Los Angeles, plus office properties in Downtown LA and West Los Angeles.
The Circle Business Center is located at 4500 and 4510 Pacific Coast Highway. It was 95% leased at the time of sale. The sellers had owned it for three years. Tenants include HealthSmart Corp., Mitsui OSK Lines shipping company, and the law firm of Demler, Armstrong & Rowland.
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