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5/19/22
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BH Properties has acquired a 120.2k sf, suburban commercial office campus in Monterey Park from Blue Shield of California in a $15 mil sale/leaseback transaction. The 7.9-acre campus features two adjacent three-story buildings (91.4k sf and 28.8k sf), which serve as the headquarters of Blue Shield’s Promise Health Plan, a managed care organization. Blue Shield will continue to occupy the campus through July 2023.
The property is located on Atlas Ave between Saturn St and Potrero Grande Dr in Monterey Park, 15 miles east of Downtown Los Angeles. With immediate access to California State Route 60, and connections to Interstates 5 and 710, it serves a workforce of more than five million people who live within 25 miles of the property, according to the U.S. Economic Development Association.
JLL’s Andrew Harper, Will Poulsen, Matt McRoskey and Owen Muller brokered this transaction on behalf of Blue Shield. With limited office supply and affordable rents, Monterey Park has posted extremely high occupancy numbers versus the surrounding markets, according to JLL
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