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9/12/22
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Majestic Asset Management Inc acquired the Telstar Building, a 249k sf industrial and office property located at 9320 Telstar Ave in El Monte for $73 mil, or $293/sf. The property was sold by Rising Realty Partners and Brasa Capital Management.
Situated on 7.95 acres, the building consists of 67% office and 33% industrial space. It has 627 total parking spaces and is adjacent to major throughfares including I-10, I-605, and SR-60. Located in a prime location, there are over 2 million people residing within 10 miles of the property.
The Telstar building is currently 100% leased by the County of Los Angeles, where it houses its Public Health, Public Social Services, and Children and Family Services departments. Their recent lease renewal also included an 87k sf expansion of industrial space.
CBRE’s Michael Longo, Todd Tydlaska, Sean Sullivan, Darla Longo, Will Pike, Melissa Moock, Anthony DeLorenzo, and Mark Shaffer represented the seller in the transaction.
"9320 Telstar is fully leased to the County of Los Angeles on a new lease that Rising and Brasa completed prior to the sale. This is a very central and efficient property for the County, which has been located here for over 20 years and has multiple divisions headquartered at the building,” said Longo. “Investors were attracted to the County’s long-term commitment and the unique bow-truss industrial building sitting on a large infill site in Flair Park.”
According to CBRE research, office investment activity remained relatively constant in the Greater Los Angeles office market in the second quarter of 2022. The office market’s total sales volume exceeded $1.2 bil in the quarter.
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