Kevin Shannon of the South Bay office of Grubb & Ellis tells GlobeSt.com that the two-building complex at 19700-19750 S. Vermont Ave. was 96% leased at the time of sale. Shannon and Phillip Mattice, both of Grubb & Ellis' South Bay office, represented buyer and seller.
The Harbor Business Center is a two-building complex built in 1984. One of the buildings is leased entirely to Pac Bell while the other is a multi-tenant building. Shannon tells GlobeSt.com that the sellers had owned the property for about 18 months. They bought it when it was about 75% occupied, he says, and then they brought up the occupancy to its current rate. The property has upside potential because Pac Bell is on a below-market lease that expires in a few years. Then, the space is likely to command a higher rent.
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