Grubb & Ellis Co. represented APR-V LLC, a Long Beach, Calif.-based private investment group, in the purchase of a 194,130-square-foot office project in Commerce, Calif.
The transaction was valued at $22.4 million.
The property, Pacifica Commerce Plaza, consists of a six-story building located at 5701 S. Eastern and a two-story building located at 5601 E. Slauson. The property was built in 1982 and renovated in 2003.
Laguna Hills, Calif.-based Pacific Real Estate Group sold the property, which was 70 percent leased at the time of sale.
The buyer plans to increase the parking ratio by adding a parking structure.
Grubb & Ellis is a global provider of integrated real estate services.
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