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EL MONTE, CA-A joint venture of DRA Advisors of New York and Florida-based Landmark Asset Management has acquired a combination office and industrial building from Irvine-based Crown Realty, according to Colliers Seeley International. The buyer is getting a building with 82,000-sf of empty space that represents a value-added opportunity, according to Michael Ross of Colliers Seeley International, which brokered the transaction. Terms of the deal were undisclosed, but the buyers are believed to have paid about $34 million for the property.

The office building, which sits on a site of nearly eight acres at 9320 Telstar Ave., constituted “a strong offering in a high demand location with a secure, long term tenant and a prime opportunity to add value to the property,” says Ross, who represented both the buyer and the seller along with Fred B. Cordova III of Colliers Seeley. Ron. F. Heim of Trammel Crow assisted in representing DRA Advisors.

The County of Los Angeles leases 176,600 sf of the building, from which it operates three of its divisions: the Department of Health Services, the Department of Public Social Services and the Department of Children & Family Services. Ross further explains the opportunity that Crown Realty offered to thebuyer: “The office building contains 82,000 sf of vacant warehouse space. This poses several value-added options for the buyer. The warehouse could be used for manufacturing purposes, warehouse space or, with tenant improvements, it can become additional office space,” he says.

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