Avison Young brokers $5.48 million acquisition of property in San Gabriel, CA on behalf of Pacific Alliance Bank for use as new headquarters / branch8 Mar 2021
Los Angeles, CA – Avison Young has brokered the $5.48 million acquisition of a vacant 10,335 square-foot property located at 641 West Las Tunas Drive in San Gabriel, CA on behalf of Pacific Alliance Bank. The asset will be used for its new headquarters as well as a branch location.
Avison Young Principal Hayden Eaves along with Kristen Sullivan, who are based out of the firm’s downtown Los Angeles office, represented Pacific Alliance Bank. The seller, a California-based private investor, was represented by Sonny Tan of Pacific Coast Real Estate.
“Pacific Alliance Bank was seeking to relocate from its current Rosemead headquarters location in order to expand its footprint and realize the economic benefit of owning versus leasing,” said Eaves. “We identified this property as an ideal site for them as it doubled their current space and is close to their previous site as not to disrupt their customer base.”
The site provides Pacific Alliance Bank strong visibility from the street as well as top building signage and ample customer and employee parking. Renovations are currently underway and the bank plans to move into its new space by the end of this year.
“We were in our old location for 15 years and it didn’t provide the space or the parking requirements we needed for our valued customers,” said Benjamin Lin, Pacific Alliance Bank’s President & CEO. “This new building will allow our bank to upgrade, improve our image, and enable us to grow within the San Gabriel Valley,”
Chris Chan, Executive Vice President and Chief Financial Officer added, “We have been working with this Avison Young team over the years and they have been a great advisor on all of our real estate needs. They successfully negotiated a favorable acquisition on behalf of our bank and we are looking forward to our grand opening soon.”
Pacific Alliance Bank is a California state-chartered bank, headquartered in Rosemead, CA. As such, it serves Rosemead, its surrounding communities, and Southern California in general. The Bank was organized by a group of business entrepreneurs, professionals, and bankers resident in this market area and opened for business in December, 2006.
Pacific Alliance Bank is a full service commercial bank, focusing on client relationships with businesses, client communities, related business owners, owner’s families, and key employees. It delivers distinctive deposit, loan, and service products, based on client needs. The Bank’s senior professionals are actively involved with these relationships.
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2020 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.
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For more information:
- Hayden Eaves, Avison Young 213.471.7318