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11/10/15
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An 18.5k sf land parcel in Monterey Park sold for $2.09 mil, or $113/sf. The property, located at 120 West Hellman Ave, was purchased by a medical office developer, Yvonne Yiu.
The land sale included plans and permits for a 30k sf medical office building. It is located at the corner of Baltimore and West Hellman Avenues, which has direct access to the 10 Fwy at Garfield Ave. The property is situated directly adjacent to the Alhambra Hospital, one of the main factors that increased the value of the land.
Bryan Lewitt and Christ Isola of CBRE represented the seller, 120 Hellman Properties LLC. According to Lewitt, the purchase marks the highest price per square foot land comparable to date in the San Gabriel Valley medical market.
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