(EDITOR’S NOTE: According to a source with knowledge of the transaction, the property sold for $58.45 million.)
Los Angeles –– CBRE has arranged the sale of a 21-acre industrial site for an undisclosed price to Greenlaw Partners, an Irvine, Calif-based real estate company.
CBRE’s Eric Chen, Jason Chao and Steven Saunders represented the buyer in the transaction. The property, located at 1211 E. Badillo Street, consists of a 177,440 SF building on 21-acres. The property was previously an industrial building and subsequently used as a church. Greenlaw plans to convert the structure back for industrial use rather than tear it down and rebuild. CBRE will be retained to market the site for lease.
“West Covina is in the center of the San Gabriel Valley, and this is one of the largest sites remaining in Los Angeles County for redevelopment,” said Chen. “This is an attractive investment as land prices have been going up in the past two to three years. The new owner will reposition the property for its highest and best potential use.”
The CBRE team also represented the seller, a non-profit organization, in the transaction. CBRE is currently helping the seller identify multiple properties across Southern California.
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.
