Los Angeles, CA –– NAI Capital Commercial is pleased to announce that Vice President Steven Berman and Associate Marcos Villagomez with NAI Capital Commercial’s Investment Services Group completed the sale of a 69,031 square foot land assemblage and 1031 Exchange for a 22,320 square foot medical office building in El Monte, California. Steven and Marcos represented the buyer, Brandywine Homes, in the acquisition, and the sellers, Universal Development LLC and YKL Real Estate, LLC in the disposition.
The land assemblage included an obsolete office building at 11348 Valley Blvd sitting on a 25,720 square foot lot, vacant retail space at 11356 Valley Blvd on a 6,173 square foot parcel, and several adjacent vacant lots totaling 37,138 square feet. The combined sale price totaled $6,247,500.
Brandywine Homes, the new owner, plans to raze the existing buildings to develop 39 townhomes on the newly assembled site. Steven and Marcos represented the seller, YKL Real Estate, LLC, in a 1031 exchange to redeploy their proceeds into a higher quality, partially leased, multitenant building with plans to occupy the remaining space. The 22,320 square foot medical office building is located 3144 Santa Anita Ave. The sale price totaled $6,215,000 or $278 per square foot.
Steven said, “This was an exciting opportunity for the buyer to secure well-located infill land for development which is short supply – and hard to find.”
“1031 exchanges can be challenging to find, especially for an owner user. The seller was extremely pleased with the sale and exchange into a better building, and additional income with a high-profile medical tenant,” added Marcos.
About NAI Capital Commercial
NAI Capital Commercial is the largest agent and employee-owned full service commercial real estate firm headquartered in Southern California. As one of the largest members of NAI Global, a leading global commercial real estate services firm with more than 375 brokerage offices and over 6,000 professionals spanning the globe, NAI Capital Commercial provides a complete range of transaction, valuation, investment, property management and consulting services. By leveraging our local expertise with our global reach, NAI Capital Commercial offers innovative, customized solutions and seamless service to owners, tenants, investors, and developers throughout Southern California. Our clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital Commercial we work together putting our clients first.