Los Angeles –– CBRE brokered the sale of Atrium on the 10 in West Covina, CA, a 100,724.00-sq.-ft. office building, for $22.2 million ($220 per square foot).
Sammy Cemo, Mark Shaffer, Anthony DeLorenzo , Gary Stache, and Bryan Johnson with CBRE’s Capital Markets, Investment Properties team, along with Steven Saunders and Philip Woodford of CBRE represented the seller, Quest Capital Partners, Inc. The buyer is a Covina, CA-based nonprofit owner/user.
Atrium on the 10 is located at 2934 E Garvey Avenue South. The property sits alongside Interstate 10, offering immediate freeway access, and is seen by more than 242,000 vehicles per day.
“Through our extensive network of contacts, we’ve identified a buyer that is a local owner/user group with great need for this location,” said Sammy Cemo, First Vice President with CBRE. “The transaction closed at near asking price, demonstrating the resiliency of quality office products in well-located suburban markets.”
More than $3 million in capital has been invested into Atrium on the 10 in recent years, including exterior cosmetic enhancements, common area enhancements, upgrades to furniture, installation of a living wall in the atrium, tenant improvements, and building systems. The office building is also surrounded by a variety of retail amenities, with food, dining, and shopping options within seconds of the property, including In-N-Out, Target, Walmart Supercenter, Starbucks, and BJ’s Restaurant and Brewhouse, to name a few.
According to CBRE Research, Greater Los Angeles is one of the world’s best investment markets, consistently ranking in the top five for domestic and foreign capital. The San Gabriel Valley has held up extremely well compared to other LA submarkets, with the lowest Q4 2022 vacancy rate of all LA submarkets with a minimum of 10 million sq. ft. of inventory, and the second lowest of all submarkets.
San Gabriel Valley also recorded the highest demand among all LA submarkets, with 270,416 sq. ft. in positive year-to-date net absorption.
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.
