NAI Capital Completes $18.5M Office Building Investment Sale in Monrovia, CA
Los Angeles, CA December 20, 2018– Executive Vice President Scott Martin, SIOR and Senior Vice President John Martin, with NAI Capital’s Investment Services Group, completed the sale of an 83,703 square foot office building in Monrovia, CA. Scott and John represented the seller, Kare Foundation. The buyer was Chase Mayflower. The transaction totaled $18,500,000 or $221 per square foot.
The property, Huntington Oaks Office Center, is located at 1333 S. Mayflower Avenue. It is a four-story office building, built in 1982. The buyer plans renovations of the lobby, common areas and to add an outdoor courtyard as a tenant amenity. The building is situated on a 38,333 square foot lot and had a parking covenant in place owned by the city of Monrovia with an option to buy, which the buyer exercised, adding 1.86 acres to the size of the property.
Scott said, “During the escrow we learned that there was an option to purchase an adjacent 1.86 acre parking lot from the city of Monrovia. We found value for our client in this transaction by continuous dialogue, research, digging into title documents and a having a buyer who realized additional value in the process." Scott added, “This project has amazing potential and this buyer will modernize this project to the standards that tenants are seeking in today’s market. This is the value we earn for our clients by being astute, creative and staying involved through the entire sale process.”
“The project's strategic location, excellent freeway visibility from the 210 freeway and route access from Myrtle Avenue and Huntington Drive, plus a full floor available for lease with over 200,000 cars per day makes a great signage opportunity for a big tenant,” John stated.
The property was 68% occupied at the time of the sale. The project has always had credit tenants occupying the building; currently, PepsiCo, St. Baldrick’s, IAA and FDIC are occupants. The new owner plans on modern renovations, capital investment, re-tenanting and will capitalize on rising office rents as space rolls over in the building.
“This is a class A asset in Monrovia’s High Tech Corridor where this Investor is bringing high quality improvements to the project, which will enhance the long-term value and expedite our leasing of vacant space”, John added.
About NAI Capital
NAI Capital is the largest independently owned full service commercial real estate firm headquartered in Southern California. As one of the largest members of NAI Global, the premier managed commercial real estate service network with 400 Offices and 7,000 market leaders spanning the globe, NAI Capital provides a complete range of transaction, valuation, investment, property management and consulting services. By leveraging our local expertise with our global reach, NAI Capital offers innovative, customized solutions and seamless service to owners, tenants, investors and developers throughout Southern California. NAI Capital clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital we work together putting our clients first.
NAI Capital Brokerage CA BRE #01990696.
To learn more, visit www.naicapital.com.
About NAI Global
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 400 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 7,000 local market professionals, managing in excess of 425 million square feet of property. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.
NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services.
To learn more, visit www.naiglobal.com.
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