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Avison Young brokers $25.6M sale of eight-story office building in Arcadia, CA22 Jan 2018
97% occupied 83,250-sf asset sells for the first time in 35 years
Los Angeles, CA – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has brokered the $25.6-million sale of Towne Centre Office Building, an eight-story, 83,250-square-foot (sf) office building in Arcadia, CA. Located at 150 North Santa Anita, the property is 97% occupied and anchored by Bank of America.
Avison Young Principal Mark Evanoff and Vice-President Andrew Berk, who are based in Avison Young’s North Los Angeles office, represented the seller, a family trust from San Francisco. The buyer, Los Angeles-based Positive Investments, represented itself.
“This asset had a strong amount of domestic and foreign investor attention, as it is the largest office building in Arcadia and had been under the same ownership for 35 years,” comments Evanoff, who has been responsible for the leasing of the office building for the past 30 years. “Additionally, the property is situated on an oversized, developable lot that may provide the new owner with potential opportunities to add value in the future.”
Berk adds: “Each tenant in the building has floor-to-ceiling windows with the upper floors delivering amazing views of the San Gabriel Mountains and the world-famous Santa Anita Racetrack. This is an iconic property in a dynamic city with stabilized and historic income in place.”
Built in 1972, Towne Centre Office Building is situated on a 2.17-acre parcel of land and is adjacent to the Metro Gold Line. The property is also near a number of retail and dining amenities, including Denny’s, Outback Steakhouse, 24 Hour Fitness, REI, Santa Anita Park and Westfield Santa Anita.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,600 real estate professionals in 82 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial, multi-family and hospitality properties.
For further information/comment/photos, contact:
Darcie Giacchetto, Places Public Relations: 949.278.6224