TIC investors downsize near L.A.

Sheds office space where insurance companies are prevalent

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Triple Net Properties LLC represented tenant-in-common investors in the sale of a 101,000-square-foot office building in Monterey Park, Calif. Jamison Properties purchased the building for $20.8 million. The asset, 901 Corporate Center Drive, is a five-story, class A building that includes an adjacent three-level parking structure. Constructed in 1987, the building is situated on 10.7 acres of land within the Los Angeles Corporate Center, the premier master-planned office campus in the Western San Gabriel Valley. At the time of sale, the property was 97 percent leased to 15 tenants that included New York Life Insurance Co., Kajima Construction and Transamerica Life Co. 901 Corporate Center Drive was originally purchased in August 2003 for approximately $16.2 million, according to a press statement. ...