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10/10/23
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A 122k sf office/flex building in the San Gabriel Valley city of Monrovia traded for $25 mil, or $205/sf. Located at 222 E. Huntington Dr, the asset is the largest office building ever sold in the city and also fetched the highest price for an office sale there, according to CoStar.
Built in 1988, the two-story multi-tenant building is situated on 5.7 acres. The asset offers a two-story glass atrium entryway, newly remodeled lobby, beautifully landscaped grounds, electric car charging stations, ample parking, and three roll-up loading doors. It also provides immediate access to the 210 Fwy and is one-half mile to the Metro Gold Line.
Andrew Berk with Avison Young represented the seller, Positive Investments. The undisclosed buyer will occupy a portion of the asset.
“Our Avison Young team has been responsible for leasing this high-quality asset for more than ten years and it has had a strong historical occupancy,” said Berk. “The ownership was ready to sell and despite the high interest rate environment and overall post-Covid office market struggles, we were able to secure a record-breaking sale price for 222 E. Huntington Drive. We successfully identified a strong owner-user that understood the long-term value of the asset and its ideal commuter-friendly location.”
According to Avison Young data, leasing across the Los Angeles market is down 35% from 2019 and as a result has significantly affected asset valuations. The average price per square foot is nearly 57% from its peak in 2019 at $237. This has made it a good time for well capitalized owner-user buyers to enter the market that are in search of a long-term investment as the office market and other asset classes continue to recover.
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