Class B Office Building Totaling 84,589 SQFT Placed on Market in Monrovia, Calif. 

Monrovia, CBRE, Chase Partners, Primerica, Autism Learning, HCVT, Children’s Oncology Group

By Catherine Sweeney 

After it last traded in 2018, an 84,589 square-foot office building in Monrovia, Calif. has been placed back on the market. Located at 1333 Mayflower Avenue, the Class B office building is nearly 100 percent occupied by a diverse mix of tenants.  

“High image accessible low-rise suburban office buildings like 1333 Mayflower are uniquely positioned to capture the shifting office occupier demand from urban to suburban, and 1333 Mayflower is an excellent value at a 25 percent discount to Class A space in Pasadena, in addition to offering free surface parking,” the listing by CBRE states. 

Built in 1982, the four-story building is situated on approximately 3.29 acres. Current ownership, which according to public records is Chase Partners, also completed $4.6 million worth of renovations on the property including improvements to the lobby, elevators, common corridors and restrooms. 

While CBRE was unable to share guidance pricing for the property, public records show that Chase Partners last acquired the office building in 2018 for $18.5 million, or roughly $219 per square foot. 

Currently, the property is approximately 84 percent occupied with 11 tenants. The net operating income at the property also reaches over $1.3 million. In 2021, the property saw a new influx of tenants, with leases signed by Primerica, Autism Learning, HCVT and Children’s Oncology Group. In total, new tenants made up for 22,043 square feet of space, or about 25.7 percent of the property. Additionally, nearly70 percent of space rented is leased for five years or longer.  

Located within the Tri-Cities submarket of Greater Los Angeles, the area’s office market in general has fared well over the course of the past several years. The area offers a direct vacancy rate of 7.5 percent and is also home to a large workforce, with 63 percent of the total population having a college education. Additionally, those living within the two-mile radius of the property have an average household income of $115,000 per year.