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1/23/18
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Positive Investments has purchased Towne Centre Office Building, an eight-story, 83.3k sf office building in the San Gabriel Valley city of Arcadia. The property sold for $25.6 mil, or about $307/sf.
Built in 1972, Towne Centre Office Building is situated on a 2.17-acre parcel of land at 150 North Santa Anita, adjacent to the Metro Gold Line. The property is also near a number of retail and dining amenities, including Denny’s, Outback Steakhouse, 24 Hour Fitness, REI, Santa Anita Park and Westfield Santa Anita. It is 97% occupied and anchored by Bank of America.
Mark Evanoff and Andrew Berk with Avison Young represented the seller, a family trust from San Francisco. Positive Investments represented itself in the transaction.
“This asset had a strong amount of domestic and foreign investor attention, as it is the largest office building in Arcadia and had been under the same ownership for 35 years,” commented Evanoff, who has been responsible for the leasing of the office building for the past 30 years. “Additionally, the property is situated on an oversized, developable lot that may provide the new owner with potential opportunities to add value in the future.”
Berk added, “Each tenant in the building has floor-to-ceiling windows with the upper floors delivering amazing views of the San Gabriel Mountains and the world-famous Santa Anita Racetrack. This is an iconic property in a dynamic city with stabilized and historic income in place.”
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