A 118,433 square foot commercial office complex in West Covina has been placed on the market for the first time since 2007. The property, which is being listed by Lee & Associates, is offered at $23.8 million, or approximately $201 per square foot.
The office campus is located at 1501-1521 W. Cameron Avenue, and was last sold to an entity associated with Cameron Court LP for $20.75 million, according to public records. The property, which consists of four three-story office buildings, was initially developed in 1982 and offers 41 office suites, 37 executive suites and 343 parking spaces on more than 5.5 acres of land.
Currently, the office campus is about 78 percent occupied with a diverse mix of tenants, including a Safety Center DUI Education School, Foothill Family Services, Latino Family Services, Magenterprise and several others.
The Property is conveniently located in downtown West Covina near Interstate 10 as well as many retail and service amenities, like The Plaza mall, Emanate Queen of the Valley Hospital and The Lakes Entertainment Center.
The site is also one of just several properties in the city that were designed as an office park with ideal space for medical office users. However, downtown West Covina has also seen a significant amount of redevelopment under the city’s Downtown Revitalization Plan, which focuses on making the downtown district a more walkable and attractive community. According to the listing, this gives potential buyers the opportunity to invest in the redevelopment of the property, use it as medical office space or continue to use it as is.
“The property is well located in downtown West Covina, California, which is undergoing major revitalization and redevelopment. The asset is a solid investment as-is, but with its large parcel size of 5.54 acres there is also significant redevelopment potential under the new Downtown Plan,” the listing states.
