(To read more on the net lease market, click here.)

SIMI VALLEY, CA-Farmers Insurance has sold its 271,000-sf officecomplex here for $42 million and has leased it back in a dealnegotiated by the Seattle and Phoenix offices of CB Richard Ellis.The property, which was built in the 1980s, is 100% occupied by theinsurance firm.

Jeffrey Thomas of CBRE's Seattle office tells GlobeSt.com thatthe combination of a strong tenant, the Southern Californialocation and the general demand for net-leased properties attractedoffers from investors located in California, New York, Florida andIllinois. Bidders ranged from high-net-worth private investors toinstitutions and REITs, Thomas tells GlobeSt.com.

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