Avison Young completes $5.38 million sale of two office/flex buildings in Arcadia, CA
July 11, 2023
Los Angeles, Calif. – Avison Young announced today it has completed the $5.38 million sale of two office/flex buildings totaling 11,795 square feet (sf) located at 128 and 130 E. Huntington Drive, and an adjacent lot located at 125 Alta Street in the heart of Arcadia, Calif.
Avison Young Principal Andrew Berk who is based in the firm’s north Los Angeles office represented the seller, a local family trust. The buyer, American Plus Bank, was represented by Jennie Ching of KW Commercial and plans to use a portion of the property as one of its retail bank locations. The transaction sold for a strong market price at just over $450 per sf. Avison Young has represented the previous owner for more than 20 years on the leasing side.
“We had very active interest in this property. It is exceptionally well-located at a ‘Main & Main’ corner, is free-standing, and offers abundant and visible surface parking off First Avenue in the heart of Arcadia, which is one of the strongest submarkets in greater Los Angeles,” said Berk. “Our client had a significant recent vacancy and was ready to sell if the price was right. Ultimately, we were able to achieve a strong sale price and less than a 30-day escrow period which is rare for this capital markets environment.”
Built in 1968, the property includes 38 parking spaces and provides high visibility and easy access. The office suites feature kitchens, private restrooms, private offices/conference rooms, server rooms, reception areas, and open work areas.
Berk added, “While we are witnessing a lot of office and retail property vacancy and valuation compression in this challenging economic and workplace environment cycle, we are also seeing well-located and amenity-rich properties that are more ‘post-Covid new workplace-proof’ come out quite strong. This is part of the reason we were able to achieve the high per square foot price for a partially vacated, older asset with in-place below market rents.”
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 2023 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 12 consecutive years. www.avisonyoung.com Follow Avison Young Twitter (News)│Twitter (Deals)│Blog│LinkedIn│YouTube│Instagram For moreinformation: Media Contact: Darcie Giacchetto, Media Relations & Content Specialist – Southwest: +1.949.278.6224