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7/17/15
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A three-story, 48.2k sf office building with a state-of-the art wet lab facility in Monrovia, sold for $9.6 mil, or $199/sf. The property, originally built in 1989 for the seller’s business, Barry’s Jewelers, is located at 111 West Lemon Ave, south of Foothill Blvd and west of Myrtle Ave.
The wet lab was built for Xencor, a biotechnology company that has been a tenant since 2000, while the third floor was completely renovated in 2011 to accommodate WorleyParsons' regional headquarters. WorleyParsons (ASX: WOR) and Xencor (Nasdaq: XNCR) are both large publicly traded companies. The project was approximately 100% leased to long term credit tenants at the time of the sale.
The property is located in the heart of Old Town Monrovia, within walking distance of luxury apartments, upscale restaurants, casual dining, an eclectic group of retailers, a 12-screen Krikorian movie theatre and free covered city parking. It is a few minutes’ drive to the 210 and 605 freeways, in the center of Monrovia’s renowned Huntington Drive High Tech Corridor which is home to high-tech, bio-tech and aerospace industries; Miyachi Unitek, AeroVironment, Starr Surgical, Ducommon Aerostructures, Universal Genetics and 3M.
NAI Capital Executive Vice President, Branch Manager Carl Anderson, along with Senior Vice President Dan Bacani, represented the seller, BF Monrovia LLC. Senior Vice President Dave Stassel and Vice President Ryan Ramage repped the buyer, 111 Lemon Investors LLC, a locally based investor, in the deal.
“This was a tremendous investment opportunity to own a building with two major credit tenants in Old Town Monrovia and near the city’s High Tech Corridor,” said Bacani. “The availability of investment grade office buildings in this part of the San Gabriel Valley is virtually non-existent, this unique opportunity offers a great return on investment for a local investor.”
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