Union Bank Building Sells for $10.6 Mil

MONTEREY PARK, CA-A private investment group has paid $10.6 million for the Union Bank Building in Monterey Park, not far from a data center that Union Bank itself re-acquired for nearly $50 million earlier this year.

The 89,535-sf, mid-rise office complex stands at 601 Potrero Grande. Jiangs Valley LLC, a private partnership based in Temple City, is the buyer.

The partnership was represented in the transaction by Jennifer Chiang, a broker in the local office of Coldwell Banker. Kevin Shannon of Grubb & Ellis Co.’s South Bay office and Amy McNamara of the firm’s San Gabriel Valley office represented the seller, a partnership of Southland-based Arka Properties and Pacifica Capital.

Earlier this year, Union Bank itself repurchased its nearby data center at 1980 Saturn St. for nearly $50 million. The San Francisco-based lender developed the 420,000-sf center in 1985, but then sold it the same year to Echelon Corp. in a sale-leaseback deal.