(EDITOR’S NOTE: The property was sold for $12 million, or approximately $255 per square foot.)
Newmark Knight Frank (“Newmark”) announces it has arranged the $12 million sale of a highly functional, multi-tenant office building in Commerce, California.
Newmark’s Managing Director Ryan Plummer, Executive Managing Director Sean Fulp, and Director Mark Schuessler in partnership with Tony Naples of Lee & Associates represented the seller, Mulberry Capital, in the transaction. The buyer was Khosh Properties, LLC.
“Private capital continues to be active on well-located, multi-tenant office properties across Southern California,” said Plummer of Newmark’s Private Capital Group. “Over the past 15 years, the Commerce office market has never seen a vacancy rate greater than 7% and with nearly 3 years of WALT and a rapidly improving office market, this asset will continue to perform well for the buyer.”
The 46,980-square-foot property, located at 5100 South Eastern Avenue, is leased to three tenants with Roland Corporation, a Japanese manufacturer and distributor of high-end electronic musical instruments, electronic equipment and software, occupying a majority of the building. This location has served as their U.S. headquarters since 1999. The two-story, low-rise office building provides tenants with above market surface and structured parking and features an upgraded lobby and recently installed energy-efficient solar panels.
The property is situated within Commerce Office Park, which is at the intersection of two major roadways, Eastern and Slauson Avenues. This is a prime, central Los Angeles Basin location within one mile of several Freeways, including the Long Beach (I-710) and Santa Ana (I-5) and within four miles of the Pomona (SR-60), San Gabriel (I-605) and Century (I-105) Freeways. It is also within walking distance to a variety of retail services such as “the Food Plaza” across Eastern Avenue banking, travel agency, florist and day care providing attractive amenities for project tenants.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Our comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, growing startups to leading companies. In 2020, Newmark generated revenues in excess of $1.9 billion. Newmark, together with London-based partner Knight Frank and independently owned licensees, operates globally from approximately 490 offices with 19,300 professionals.
