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CYPRESS, CA-The Otsuka Family Trust of Westminster has acquired a 38,379-sf, multi-tenant building from Irvine-based Wohl Investment Co. for $3.4 million, according to Voit Commercial Brokerage.

Mike Bouma of Voit’s Anaheim Metro office, who represented Wohl, says the purchase fulfilled a 1031 exchange requirement for the buyers, who bought the property as a leased investment. The building is at 5241 Lincoln Ave. and is part of the three-building Cypress Tower Business Park.

Bouma, who also represented Wohl when it acquired the building about a year ago and was a leasing agent for the property, says it was 100% occupied at the time of the sale. Wohl acquired the asset when it was considerably less than 100% occupied and then enlisted Voit to lease the property in a value-added play. The single-story, concrete tilt-up building was completed in 1981. The buyer was represented by Jesse James of the Santa Ana office of Brokers West.

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