Monterey Park office building purchased for East Los Angeles College

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The Los Angeles Community College District bought Crown Plaza, a five-story office building in Monterey Park, for use as an expansion of East Los Angeles College.

At a time in the real estate cycle when few buyers have been able to come up with enough cash to take advantage of depressed prices, the district was able to pick up a fairly new office building with an attached parking garage for almost $13.4 million, or $252 per square foot, according to DC Commercial. The Century City-based brokerage represented the seller, Union China Investment and Development Group.

Crown Plaza was completed in 1993 near the intersection of the 10, 710 and 60 freeways. Tenants that will be displaced by East Los Angeles College include the federal Department of Health and Human Services, engineering firm Katz, Okitsu & Associates Inc. and the Gay Luck Corp., according to real estate data provider CoStar Group Inc.

-- Roger Vincent