Sep. 24--PASADENA -- An Arcadia firm teamed with Asian investors to buy a high-profile, 11-story office tower at the corner of Lake Avenue and Colorado Boulevard for $52 million, according to the broker of the sale.

The transaction, which also included the historic Lieberg Building, which houses the Pasadena Star-News, is the largest of its kind in L.A. County this year, brokerage CB Richard Ellis announced Monday.

Singpoli, an architecture and construction firm in Arcadia, acquired the 203,911-square-foot tower and Lieberg property with partners in Hong Kong and Taiwan, the broker said.

The buildings are prominent. At 2 N. Lake Ave., the seller -- GrosvenorAmericas, an international property group -- attracted interest from several high-profile institutional investors, because of the site's location at the corner of Lake and Colorado Boulevard, CBRE officials said.

"A number of the major institutions came out for this property, which is rare in today's market...." broker Kevin Shannon said in a statement.

The buy is a signal that despite a sluggish commercial real estate sector, there are investors out there waiting for "the right opportunity," Shannon said.

That opportunity was ripe for Singpoli, which has developed several bank branches around the San Gabriel Valley and is general partner for the Colorado at Lake project -- a mixed-used development. The project includes plans to restore the 1926 Constance Hotel and replace small

business lining the 900 block of East Colorado Boulevard with new stores, restaurants and offices.

Singpoli officials could not be reached for comment.

The purchase was one of a rare breed of commercial office acquisitions in a sluggish commercial real estate market.

"The number of transactions have dropped dramatically," said Nancy Sidhu, senior economist for the Los Angeles County Economic Development Corp.

And with the drop has come a drop in prices as banks tighten up on the ability for buyers to finance.

"A seller's got to get what a seller can get," Sidhu said.

ryan.carter@sgvn.com

(626) 962-8811, ext. 2720

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