Lakewood Office Plaza Nets $6.6M

LAKEWOOD, CA-Lakewood Corporate Plaza LLC, a Newport Beach-based private investment group, has purchased the 52,828-sf Lakewood Corporate Plaza office building for $6.6 million, according to Grubb & Ellis Co.

Kevin Shannon of Grubb & Ellis says the buyer acquired the property from PS Business Parks of Glendale, which maintains a regional leasing office in the building that is the property’s anchor tenant. Shannon and Philip Mattice, both of the Grubb & Ellis South Bay office in Torrange, represented the buyer and the seller.

The two-story, concrete tilt-up building with glass skin is located at 4010 Watson Plaza Dr. The property was 90% leased at the time of the sale. The Grubb & Ellis brokers say the buyer plans to make some minor renovations to the common areas of the building, which was constructed in 1984. Seller PS Business Parks is a real estate investment trust that owns and/or manages more than 15 million sf of industrial, office, retail and flex properties located in 10 states.