L.A. investor gains offices in Northern California

Plans to convert property to condos

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Grubb & Ellis Co. arranged the sale/1031 exchange of a 180,000-square-foot office building in Hayward, Calif. The value of the transaction was $7 million. The 13-story office building, which is known as Centennial Tower, is located at 22300 Foothill Blvd. The property, which was built in 1968, was vacant at the time of sale. Intercoastal Property Group, a Los Angeles-based private investor, purchased the property from San Francisco-based W5 Hayward LLC. The buyer plans to convert the property to 150 residential condominiums. Grubb & Ellis represented W5 Hayward in the transaction. The buyer represented itself. Grubb & Ellis is a provider of integrated real estate services. *** What's your opinion? Send your Letter to the Editor to opinion@inman.com....