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10/13/14
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In a recent San Gabriel Valley sale, CGM Development LLC purchased a 40.1k sf building in Diamond Bar for $7 mil ($175/sf). The building, located at 3333 South Brea Canyon Rd, south of the 60 Fwy and adjacent to the 57 Fwy, was sold by Santa Monica-based Metro Properties LLC.
CGM purchased the two-story property with plans to convert the property into office condominiums, priced for individual sale at a higher value. The property consists of 50 medical and office spaces ranging in size from 532 sf to 1.4k sf.
According to Cushman & Wakefield Executive Director Taylor Ing, who represented both parties in the transaction, “The building was awarded an Energy Star label in 2009 for its operating efficiency, and it’s near public transportation and three local airports.”
Cushman & Wakefield Associate Director Drew Sanden and Associate Scott Maples also represented both parties in the transaction. The property was 72.7% leased at the time of the sale.
Cushman & Wakefield’s Second Quarter Office Report cited a one-year, 170 bps decline in the overall vacancy rate for San Gabriel Valley, which finished the second quarter at 14.7% — its lowest vacancy rate since the fourth quarter of 2008. Moreover, the city’s YTD leasing activity of 584.2k sf has outpaced its 2013 mid-year performance by 2.4%.
According to the report, the City of Industry/Diamond Bar submarket accounted for more than half of all new leasing in this year’s second quarter — a trend overwhelmingly led by companies in the healthcare sector. The boost from healthcare companies’ new leasing activity, and only a limited number of tenants downsizing office space is keeping absorption positive.
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