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June 24, 2019
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Monrovia Office Building Sells in $18.5 Mil Deal


Chase Mayflower bought an 83.7k sf office building in Monrovia for $18.5 mil ($221/sf). The building, located at 1333 S. Mayflower Ave, between Huntington Dr and the 210 Fwy, was sold by Kare Foundation.

The property, Huntington Oaks Office Center, is a four-story office building, built in 1982. The buyer plans renovations of the lobby, common areas and to add an outdoor courtyard as a tenant amenity. The building is situated on a 38.3k sf lot and had a parking covenant in place owned by the city of Monrovia with an option to buy, which the buyer exercised, adding 1.86 acres to the size of the property.

The property was 68% occupied at the time of the sale. The project has always had credit tenants occupying the building; currently, tenants include PepsiCo, St. Baldrick’s, IAA and FDIC. The new owner plans on modern renovations, capital investment, re-tenanting and will capitalize on rising office rents as space rolls over in the building.

Scott Martin, SIOR, and John Martin with NAI Capital’s Investment Services Group represented the seller in the deal.

“The project's strategic location, excellent freeway visibility from the 210 freeway and route access from Myrtle Avenue and Huntington Drive, plus a full floor available for lease with over 200,000 cars per day makes a great signage opportunity for a big tenant,” John Martin noted.

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