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7/12/23
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American Plus Bank acquired two office/flex buildings totaling 11.8k sf and an adjacent lot in Arcadia in a recent $5.38 mil transaction. The two buildings are located at 128 and 130 E. Huntington Dr, while the lot is located at 125 Alta St, all in the heart of the city.
Built in 1968, the property includes 38 parking spaces and provides high visibility and easy access. The office suites feature kitchens, private restrooms, private offices/conference rooms, server rooms, reception areas, and open work areas.
Avison Young’s Andrew Berk represented the seller, a local family trust. The buyer, who was repped by Jennie Ching of KW Commercial, plans to use a portion of the property as one of its retail bank locations. The transaction sold for a strong market price at just over $450 per sf. Avison Young has represented the previous owner for more than 20 years on the leasing side. According to Berk, the seller had a significant recent vacancy and was ready to sell if the price was right.
Berk noted, “While we are witnessing a lot of office and retail property vacancy and valuation compression in this challenging economic and workplace environment cycle, we are also seeing well-located and amenity-rich properties that are more ‘post-Covid new workplace-proof’ come out quite strong. This is part of the reason we were able to achieve the high per square foot price for a partially vacated, older asset with in-place below market rents.”
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