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9/23/22
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Brandywine Homes acquired a 69k sf land assemblage in El Monte for $6.25 mil. The purchase consisted of an obsolete office building at 11348 Valley Blvd sitting on a 25.7k sf, vacant retail space at 11356 Valley Blvd on a 6.2k sf parcel, and several adjacent vacant lots totaling 37.1k sf. Brandywine plans to raze the existing buildings to develop 39 townhomes on the newly assembled site.
The assemblage was sold by Universal Development LLC and YKL Real Estate LLC. YKL Real Estate redeployed their proceeds into a higher quality, partially leased, multitenant building with plans to occupy the remaining space. The 22.3k sf medical office building, located 3144 Santa Anita Ave, sold for $6.2 mil, or $278 per square foot.
Steven Berman and Marcos Villagomez with NAI Capital Commercial’s Investment Services Group represented the buyer in the acquisition and the sellers in the disposition.
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