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11/16/21
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A private investor from Taiwan paid $39.2 mil in cash for a mixed-use residential and retail property in Arcadia. The property, located at 57 Wheeler Ave, is one of the few mixed-use projects in the City of Arcadia that has traded in the past five years.
The new property, completed in 2019, features 38 apartments and 17k sf of ground-floor retail space, including such tenants as Universal Bank and Tap Lounge. Building amenities include elevators, an outdoor BBQ area and courtyard, ample guest parking, storage spaces and EV charging stations.
Apartment features include double vanities, stainless steel applicates, hardwood floors and in-unit washers & dryers. The property sits in a prime transit-oriented location within walking distance to the Metro Gold Line, retail and restaurants.
CBRE’s Joyce Goldstein and Eric Chen represented the buyer and the seller, a local developer, in the transaction.
“This is an extremely rare opportunity for the buyer to own a trophy asset in Downtown Arcadia,” said Chen. “The new owner is planning to hold this property as a long-term investment. They view it as a generational investment, and they appreciate the new construction and the opportunity to lease the remaining vacant retail units."
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