54,500-SF Office Building Fetches $6M

LA MIRADA, CA-A local private investor bought a 54,500-sf office building at 14320 Firestone Blvd. in La Mirada for $6 million from a joint venture of New York-based The Praedium Group and the Gale Co. of Irvine.

Mike Lawrence of Marcus & Millichap, who represented the buyer and the seller, tells GlobeSt.com the property is called the Landmark Buildng and is part of the 22.8-acres Parkway-La Mirada complex, on Firestone Boulevard at the Interstate Route 5 Freeway.

The sale is the fourth disposition in a five-building, 200,000-sf office and R&D portfolio in La Mirada that Praedium and Gale acquired in January, 1998. The Firestone Boulevard property is 100% occupied now by Orange Coast Title Co., the University of Phoenix and transportation management company called NET, but it was 22% vacant when Praedium and Gale acquired it. It is a three-story, class-A building that was built in 1990.

The Praedium Group focuses on underperforming and undervalued assets throughout North America, with more than $2 billion in total investments since it was formed in 1991. Its investors include public and corporate pension funds, financial institutions, insurance companies and endowments.