Los Angeles –– CBRE announced the sale of the Telstar Building, a 248,961-sq.-ft. industrial and office property located at 9320 Telstar Avenue in El Monte, Calif. Rising Realty Partners and Brasa Capital Management sold the building to Majestic Asset Management, Inc. for $73 million.
CBRE’s Michael Longo , Todd Tydlaska, Sean Sullivan , Darla Longo, Will Pike, Melissa Moock, Anthony DeLorenzo, and Mark Shaffer represented the seller in the transaction.
“Telstar is fully leased to the County of Los Angeles on a new lease that Rising and Brasa completed prior to the sale. This is a very central and efficient property for the County who has been located here for over 20 years and has multiple divisions headquartered at the building,” said Mr. Longo, senior vice president at CBRE. “Investors were attracted to the County’s long-term commitment and the unique bow-truss industrial building sitting on a large infill site in Flair Park.”
The Telstar building is currently 100 percent leased by the County of Los Angeles, where it houses its Public Health, Public Social Services, and Children and Family Services departments. Their recent lease renewal also included an 86,961-sq.-ft. expansion of industrial space. The County of Los Angeles is in the process of upgrading the building with over $9 million of new investment.
Situated on 7.95 acres, the building consists of 67 percent office and 33 percent industrial space. It has 627 total parking spaces and is adjacent to major thoroughfares including I-10, I-605, and SR-60.
Located in a prime location, there are over 2 million people residing within 10 miles of the property. According to CBRE research, office investment activity remained relatively constant in the Greater Los Angeles office market in the second quarter of 2022. The office market’s total sales volume exceeded $1.2 billion in the quarter.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
