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3/15/19
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Milan Capital Management has purchased an 84k sf office property in La Mirada, in a 1031 exchange deal worth $13.64 mil ($162/sf). The property was sold by Saunders Property Company, a Newport Beach-based real estate company.
Located at 16700 Valley View, just off I-5 between Alondra and Artesia Blvds, the Atrium is a Class A building four stories in height. The property is 90% leased to 24 diverse tenants and features on-site services, an art-filled lobby and a conference center.
Gary Stache, Anthony DeLorenzo, Mark Shaffer, Rickey Warner and Doug Mack with CBRE represented the seller in the deal. The buyer was self-represented.
“This asset is hard to beat—its gateway location, strong, flourishing mid-counties market, surrounding amenities and high-end office space is a truly rare find,” said DeLorenzo. “We continue to see demand for properties like this, and this investor will reap the benefit of this modern, income-producing property.”
The mid-counties office submarket has consistently outperformed the overall region during the last 10 years, according to CBRE research. Strong office demand and supply scarcity in the mid-mounties area has results in low vacancy rates of 6% in 2018, according to CBRE research. With very little new construction, limited office supply, growing demand from the surrounding industrial base and emphasis on live-work proximity, significant rent increases are expected in this office market going forward.
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