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7/24/24
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A private investor purchased two separate office buildings with a combined 120k sf of space in deals totaling $28.2 mil. The properties are in the San Gabriel Valley cities of Diamond Bar and Monterey Park.
21680 Gateway Center Dr, Diamond Bar |
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One of the properties, 21680 Gateway Center Dr, is an 80.8k sf, fully renovated, best-in-class building in Diamond Bar. It is 100% leased to 13 diverse tenants on a 13.35-acre campus. The sale price totaled $18.9 mil, equating to $234 per square foot.
The other building, 1100 Corporate Center Dr, is a 39.2k sf, multi-tenant office building located within the prestigious Los Angeles Corporate Center, in proximity to Downtown Los Angeles and the Glendale/Pasadena area. This stand-alone, two-story building offers ample parking. The sale price totaled $9.3 mil, equating to $237 per square foot.
Ryan Campbell, SIOR, with NAI Capital Commercial represented the seller in the transactions.
“This was an excellent opportunity for the buyer to secure well-located and well-priced office assets with quality long-term tenants,” noted Ryan. “The new owners plan to hold the assets as a long-term investment.
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