Shannon and his team started work on the transaction when they were with Grubb & Ellis, but the team has since moved to CB Richard Ellis. David Giglio and Jon Swallow of Grubb & Ellis, along with Shannon's team, represented the seller, Argus Realty. The other members of the Shannon team are Michael Moore, Scott Schumacher, Paul Perkins and Rob Hannan.
The building that Asset Management Consultants bought is at 5460 E. La Palma Ave. It is a low-rise structure in a master planned park in what Shannon describes as "the highly desirable North Orange County office submarket, with identity on the La Palma Corridor, one of Orange County's most prominent and concentrated business centers."
The acquisition of the La Palma building is one of two recent deals in the county in which sources have cited the strength of the Orange County office market, which is one of the tightest in Southern California. In the other deal, Chicago-based Wrightwood Capital commented in providing $7.9 million to finance the acquisition of an office building in Garden Grove that "The demand for office space in the Orange County market has been strong."
Wrightwood provided the financing for the purchase of a two-story office building totaling 37,842 sf that Burke Real Estate Group acquired to convert into office condominiums. The property was built in 1981 and was renovated in 1990.
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