Los Angeles, CA – July 20, 2022 – NAI Capital Commercial is pleased to announce that Senior Vice President Rene Soto with the Tenant Consulting Group and Executive Vice President Tina LaMonica of the Pasadena office completed the acquisition of a single tenant office building totaling 12,777 square feet in Arcadia, California. Rene and Tina represented the buyer, Foothill Cardiology Group. The seller, Foothill Credit Union, was represented by Rubicon in the transaction. The sale price totaled $5,200,000 or $407 per square foot.
The office building is located at 30 South First Avenue. Built in 1949, the building is situated on 29,210 square feet of land that includes a sperate parcel featuring a parking lot with 5/1,000 square foot of parking. The building is in a great location, a block from E Huntington Drive. Tenants can walk to a multitude of restaurants, Santa Anita Park, and retail shops. The property also has excellent proximity to public transportation and 210 freeway access.
At the time of the sale, the building was partially vacant. Foothill Cardiology Group plans to remodel the building and turn it into their medical office. Foothill Credit Union will lease back a portion of the building, short term, while they relocate their operations.
Rene said, “This was an outstanding opportunity for an owner-user to purchase an office building with tremendous upside potential, in a great location.” Rene added, “My client is extremely pleased with their acquisition of this asset. Rarely do office buildings in this size come up for sale.”
“Arcadia is one of the most attractive business friendly cities in the heart of the San Gabriel Valley. Office buildings in this size range for sale are in short supply,” commented Tina.
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.
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 375 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 6,000 local market professionals, managing in excess of over 1.15 billion 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.