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2/01/24
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A private investment entity, 2000 Gold Limited Partnership, completed a 1031 exchange that entailed the sale of two buildings and the acquisition of a third property, all in the San Gabriel Valley. The transactions totaled $37.07 mil.
The three properties total 149.2k sf of space. Ryan Campbell, SIOR, with NAI Capital Commercial and Tony Naples of Lee & Associates brokered the deals.
The dispositions were for a 22.3k sf flex/office building at 2630 Corporate Pl in Monterey Park and a 49k sf industrial property in City of Industry. Built in 1985 and situated within Corporate Center Business Park on an 81k sf parcel, 2630 Corporate Pl sold for $7.22 mil, equating to $324 per square foot.
The property at 901 S Stimson Ave, comprised of four warehouses on a 120k sf lot, sold for $13.25 mil, or $270 per square foot. The new owner of the Stimson property, a battery energy storage system (BESS) operator, plans to raze this site to connect it to the power grid and provide energy storage, capacity, and ancillary services.
The sale proceeds were then utilized by 2000 Gold Limited Partnership for the 1031 Exchange. They acquired a 77.9k sf, 100% occupied two-story, Class B office building, built in 1986, on 4.54 acres at 2525 Corporate Pl in the city of Monterey Park. The asset was purchased for $16.6 mil, or $213 per square foot.
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