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LOS ANGELES COUNTY NEWS
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LA-Area Single-Tenant Bank Property Sells for $700/sf

6/19/15

A Hong Kong investor paid $5.15 mil for a 7.3k sf ($705/sf), single-tenant, NNN-leased property occupied by Citibank. The property is located at 237 S. Myrtle Ave, just south of Foothill Blvd in Monrovia.

Kyle Gulock and Jason Cope of Charles Dunn Company led the effort in representing the seller, a Los Angeles-based private investor. Other Charles Dunn Company team members involved in the transaction included Darrell Levonian, Fred Sheriff, Tanel Harunzade and Justin Mendelson. The buyer, Evan & MC LLC, was repped by Kathy Quach of Treeline Realty. The transaction closed at a cap rate of 4.3 percent.

According to Gulock, “The stability provided by single-tenant properties net-leased to financial institutions is in high demand by 1031 exchange buyers and foreign capital seeking a home for their money.” This buyer paid all-cash for the property.





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