The building stands at 401 W. 1st St. The buyer is Thomas Safran& Associates and the seller is Torrance-based Mitsui RealEstate Sales, a US arm of the Tokyo-based banking and real estategiant. The South Bay office of Grubb & Ellis represented bothparties.
Most of the elderly tenants in the building receive monthly rentsubsidies from the US Department of Housing and Urban Development.The buyer intends to continue participating in the Federal programeven as many other property owners let their HUD contracts expireso they can rent the units out for more money, says Grubb &Ellis broker Bruce Furniss.
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