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2/23/23
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Atrium on the 10, a 100.7k sf office building in West Covina was purchased for $22.2 mil ($220/sf) by a Covina, CA-based nonprofit owner/user. The property, located at 2934 E Garvey Avenue South, sits alongside I-10, offering immediate freeway access, and is seen by more than 242,000 vehicles per day. It was sold by Quest Capital Partners Inc.
More than $3 mil in capital has been invested into Atrium on the 10 in recent years, including exterior cosmetic enhancements, common area enhancements, upgrades to furniture, installation of a living wall in the atrium, tenant improvements, and building systems. The office building is also surrounded by a variety of retail amenities, with food, dining, and shopping options within seconds of the property, including In-N-Out, Target, Walmart Supercenter, Starbucks, and BJ’s Restaurant and Brewhouse, to name a few.
Sammy Cemo, Mark Shaffer, Anthony DeLorenzo , Gary Stache, and Bryan Johnson with CBRE Capital Markets, along with Steven Saunders and Philip Woodford also with CBRE, represented the seller in the deal.
According to CBRE Research, Greater Los Angeles is one of the world’s best investment markets, consistently ranking in the top five for domestic and foreign capital. The San Gabriel Valley has held up extremely well compared to other LA submarkets, with the lowest Q4 2022 vacancy rate of all LA submarkets with a minimum of 10 msf of inventory, and the second lowest of all submarkets. The San Gabriel Valley also recorded the highest demand among all LA submarkets, with 270.4k sf in positive year-to-date net absorption.
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