TIC investors gain California office space

Grubb & Ellis Co. represented Core Realty Holdings, a Newport Beach, Calif.-based tenant-in-common investment group, in the purchase of a 65,305-square-foot office building in Valencia, Calif.

The transaction was valued at $20.8 million.

Westridge Executive Plaza, a three-story, class A office building located at 16550 The Old Road, was built in 2004. The property was 98 percent leased at the time of sale.

A&B Westridge LLC, a joint venture comprised of Alexander & Baldwin Inc. and an affiliate of Intertex Construction Co., sold the property.

Grubb & Ellis Co. is a full-service commercial real estate organization operating worldwide.

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