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PALO ALTO, CA-Locally based California Avenue Associates LLC has sold two office buildings, both of which are occupied by a single tenant, for $29.2 million.

Matteson Real Estate Equities, a Northern California firm, has purchased the buildings in a 1031 exchange, according to Steven Seligman of Marcus and Millichap, who brokered the deal. The sale price was $29.2 million with a 9.2% capitalization rate.

The two buildings, which are located at 1117 California Ave. in Palo Alto, are located near Stanford University. The Wilson Sonsini law firm currently occupies the property, which consists of two connected buildings on a 1.74-acre parcel.

The first building is a new 32,245-sf property. The second is the original 43,630-sf building, which was built in 1956 and completely remodeled in 1998. The properties are subject to a fully prepaid ground lease with Stanford University that expires in 2054.

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