Route 66 Assets Trade for $10M

NAI Capital Commercial, which brokered the transaction, reports that Equity AG bought the buildings at 2200 and 2220 East Route 66 in a deal in which George Economos, Steve Economos and Geoff DeWolf of NAI Capital represented the seller, with Andrew Meyers of Grubb & Ellis-BRE Commercial and Equity Ag Financial representing the buyer.The buildings, which were traded as part of an exchange, are situated near the 210 and 57 freeways and the Glendora Country Club. The location is in a part of Glendora and the 210 corridor where the office market is "very tight," says Steve Economos, and his comment is borne out by the vacancy rate at the two two-story multi-tenant office buildings, which were 96% leased at the time of sale. Major tenants include American Express, Armstrong Garden Centers and the National Hot Rod Association.San Francisco-based MLK bought the two buildings from Touchstone Investors of Newport Beach in the middle of 2003 in a transaction in which MLK was represented by Steve Economos and George Economos of NAI Capital Commercial. At the time, the deal marked MLK Realty's first purchase in Southern California. The two concrete tilt-up buildings are part of a three-building project known as Glendora Courtyard and occupy a site of about 2.7 acres.In a separate transaction, Grubb & Ellis reports that a Lakewood-based private investor purchased Harbor Corporate Center, a 64,521-sf office building in Gardena, for $8 million. The steel frame, two-story office building, which was built in 1986, is located at 19300 S. Hamilton Ave. and was 85% leased at the time of sale. The asset was sold by Los Angeles-based Harbor Corporate Center LLC. Kevin Shannon, Michael Moore, Scott Schumacher, Chris Sinfield, Philip Mattice, Bill Maher and Jake Hurtado of Grubb & Ellis' South Bay office represented the seller, with the buyer representing himself.