Lee & Associates-Irvine Negotiates $6.9 Million Sale at Auto Retail Park in Covina
COVINA, Calif.—January 13, 2014—Lee & Associates, one of the largest broker-owned commercial real estate firms in the country, has negotiated the $6.9 million sale of an automotive/retail park and storage facility in Covina, Calif. Brian Garbutt, Adam Wicker and Dave Smith, all senior vice presidents in Lee’s Irvine office, represented the seller, RJ Covina Investors, LLC. The buyer, Monrovia Stor-All, LLC, was represented by Edward Matevosian of CBRE.
“The buyer saw this as an opportune moment to invest in a great stabilized asset,” Garbutt said. “This property offered the buyer, who was in an exchange, stable cash flow with upside in the storage.”Located at 1101 N. Azusa Ave., the property consists of a 20,529-square-foot multi-tenant auto/retail park and a 42,869-square-foot self storage facility.