(EDITOR’S NOTE: According to DAUM Commercial Real Estate Services, the deal closed for $16.5 million.)
SOUTH EL MONTE, Calif. – DAUM Commercial Real Estate Services has completed the sale of a 21.2-acre land parcel located adjacent to State Route 60 in the Los Angeles County submarket of South El Monte, California.
Magellan Value Partners acquired the land for development from Carlson Family Trust, according to Dennis Sandoval, Executive Vice President at DAUM, who represented the seller and procured the buyer alongside fellow DAUM Executive Vice President Robert Dipre and Associate Vice President Kevin Sandoval.
“While this land presents tremendous potential as one of the last freeway-fronted development sites in the L.A. Basin, the sale required us to identify a buyer with the expertise and resources to navigate a location within a 100-year flood zone,” explains Dennis. “We were ultimately able to communicate the value of this highly visible location and secure a buyer who was able to make the significant investment of due diligence time and capital needed in order to position the subject property for future development.”
Dennis notes that the DAUM team received interest from several parties and strategically advised the seller to select Magellan Value Partners, based largely on financial credibility and years of experience in acquiring other properties with unique challenges.
Dipre adds: “The buyer, its engineering team, and its architects worked closely with the Army Corp of Engineers and the City of South El Monte to address water containment, water flow, and percolation needs and reach approvals on a development plan that met all design requirements for a 100-year flood zone site.”
The property is located at 825 Lexington Gallatin Road in South El Monte, California, immediately off State Route 60 (also known as the Pomona Freeway) at the Santa Anita Boulevard exit.
About DAUM Commercial
DAUM Commercial Real Estate Services is a leading provider of commercial real estate services including brokerage, tenant representation, consulting, leasing, sales and property management. Founded in 1904, DAUM focuses on longstanding client relationships and draws upon its century-long track record to deliver steadfast insights and proven results to clients across the U.S. DAUM has ten offices throughout Southern California and Arizona.
