PALO ALTO — Local real estate investors have displayed an appetite for downtown Palo Alto properties with the purchase of an office building across the street from other office sites they already own.

Semin Valani, a South Bay business executive, led the buying group that acquired the one-story building at 578 University Ave. for $13.3 million, according to documents filed on Nov. 18.

Valani also is involved with a group that owns a building across the street at 567 University Ave. and another at 555 University Ave.

The sellers in the deal were multiple individuals and family trusts, county records show. The buying group obtained $9.3 million in financing from Loan Oak Fund at the time of the purchase.

The 578 University building totals 9,300 square feet and is an office for a resident

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