Top Producer Shannon Renews With Grubb

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Shannon, an SVP based in the company's South Bay office in Torrance, was the company's No. 1 investment broker for 2003, which was his fourth consecutive year in the No. 1 investment broker spot--and he is on track to rank first again this year. For the 18-month period from January 2003 through June 2004, Shannon, who has been with Grubb & Ellis since 1999 in his 20-year career, completed 40 sales and two leases with an aggregate value of nearly $883 million. Among his major recent deals was Santa Ana-based Triple Net Properties LLC's $274.5-million purchase of three office buildings totaling more than 1.1 million sf in Downtown San Diego from Southwest Value Partners of San Diego. Scott Schumacher and Michael Moore of Grubb & Ellis' South Bay office were his partners in the deal. He also represented one of Southern California's biggest owners of office space, Los Angeles-based Jamison Properties, in its $53.5-million acquisition of the 372,790-sf Los Angeles World Trade Center in Downtown L.A. from Haseko of Japan. In the past several weeks, Shannon has brokered three more sales totaling $53 million, all in West Los Angeles and the South Bay. The largest of the three recent deals was tenant-in-common buyer Marina Corporate Center LLC's $26-million purchase of an 88,125-sf office building at 12665 Jefferson Blvd. from Summit Commercial of El Segundo. The six-story, steel frame office building was built in 1985 and renovated in 1988 and 2002. Shannon, Moore and Schumacher, along with Chris DuMont of Grubb & Ellis' West Los Angeles office, represented the buyer and the seller. Shannon notes that all three of the recent transactions involved single-tenant properties that were 100% occupied on leases of 10 years or more. The second transaction was a Beverly Hills-based private exchange buyer's $14-million purchase of a 190,960-sf building at 9310, 9326 and 9430 Bellanca Ave. in the Los Angeles Airport area from Layton Belling of Newport Beach. The property is occupied by Dollar Rent-A-Car on a lease of more than 10 years that expires in 2015. Shannon brokered the deal along with Sean O'Donnell of the Grubb & Ellis Torrance office. The third transaction was a Los Angeles-based private investment trust's $13-million purchase of a 50,751-sf office building at 601 Hawaii St. in El Segundo from Newport Beach-based CT Realty Corp. The single-story, concrete and steel structure was built in 2003. Shannon, Chris Sinfield, Moore and Schumacher represented the buyer and the seller.