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Plaza Diamond Bar, a two-building property in the eastern San Gabriel Valley city of Diamond Bar, was acquired by two private investors in separate deals totaling $12.2 mil. The seller of both assets was a partnership led by Metro Properties LLC.
The larger property, a 25k sf mixed-use/office building located at 2040 S. Brea Canyon Rd, sold in an all-cash deal. The 40%-leased, two-story building was built in 2007. It is leased to a mix of medical and related tenants, as well as those that provide services to the community.
The other structure, an 8k sf retail building at 2020 S. Brea Canyon Rd, sold in a transaction that entailed creative seller financing that allowed the seller to fully capture above market premium on price while providing the buyer better-than-market debt rates. The 50%-leased, single-story retail building was built in 1980 and renovated in 1992.
Plaza Diamond Bar is located just north of Pathinder Rd and adjacent to the west side of the 57 Fwy. The buildings are part of a larger professional complex that includes medical users, physicians and services that appeal to the surrounding affluent neighborhoods.
Both buildings sold for below market cap rates and high price per-square-foot prices. Sales of Class B/C office buildings have averaged below $290-per-square-foot in the past 12 months in California and this sale exceeded $325-per-square-foot. The office cap rate was 2.8% and the retail cap rate was 1.8%.
Anchor Point Capital was involved in brokering the transactions and arranged the financing for the retail building sale.
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