Los Angeles, CA – August 9, 2022 – NAI Capital Commercial is pleased to announce that Executive Vice Presidents John S. Archibald and Guillermo Olaiz with NAI Capital Commercial’s Investment Group completed the sale of a 1.75-acre mixed-use development site in Monterey Park, California. The total sale price was $10,050,000, or $132 per square foot. John and Guillermo represented the seller, Monterey Park Restaurant Properties, LLC, in the transaction. The buyer was ACEM, LLC.
The land is zoned mixed-use permitted “by right ” and is located at 220 S Atlantic Blvd, at the northern boundary of Monterey Park along Atlantic Boulevard. The sale included a 10,126 square foot freestanding retail building built in 1979. The site consists of two parcels of land totaling 76,426 square feet or 1.75 acres.
The property is centrally located in the North Atlantic Mixed-Use District which serves as the gateway to bring together hospitality, retail, commercial services, culture and arts, entertainment, and residential uses in the City of Monterey Park. The land features over 300 feet of frontage on Atlantic Boulevard, up to 50 feet in height zoning standard, and no density maximum to provide flexibility for future development of unit types and sizes.
John noted, “Throughout the San Gabriel Valley, large land assemblages, zoned for mixed-use, in particular, have been setting record prices – and they are in short supply.”
“This was an excellent opportunity to acquire a 1.75 Acre ‘covered land play’ on Monterey Park’s main commercial thoroughfare. This strategic sale-leaseback will allow the seller to remain in the building, while capitalizing on strong residual land value,” added Guillermo.
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 300 brokerage offices and over 5,100 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 300 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 5,100 local market professionals, managing in excess of 1.1 billion square feet of property and facilities. 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.