Los Angeles, CA –– Ryan Campbell, SIOR, Executive Managing Director with NAI Capital Commercial’s Investment Services Group, collaborated with Tony Naples of Lee & Associates to successfully complete a 3-building 1031 Exchange investment sale totaling 149,154 square feet in the San Gabriel Valley, California. The three transactions achieved a total value of $37,070,000.
Ryan and Tony represented the seller, 2000 Gold Limited Partnership, in navigating the sale of two of the buildings and the purchase of the third property for the 1031 Exchange. Initially, both 2630 Corporate Pl in the city of Monterey Park and 901 S Stimson Ave in the City of Industry were listed for sale.
The 22,250 square feet flex/office building at 2630 Corporate Pl., built in 1985 and situated within Corporate Center Business Park on an 81,069 square foot parcel, was sold for $7,220,000, equating to $324 per square foot. The property at 901 S Stimson Ave consisted of 49,038 square feet across 4 warehouses on a 120,002 square foot lot and was sold for $13,250,000, or $270 per square foot. The new owner of the Stimson property, a battery energy storage system (BESS) operator, plans to raze this site to connect it to the power grid and provide energy storage, capacity, and ancillary services.
The sale proceeds were then utilized by 2000 Gold Limited Partnership for the 1031 Exchange. They acquired a 77,866 square foot, 100% occupied two-story, class B office building, built in 1986, on 4.54 acres at 2525 Corporate Pl. in the city of Monterey Park, with a sale price of $16,600,000, or $213 per square foot.
Ryan expressed his experience, stating, “Executing this exchange deal was very interesting; it took, patience, lots of hard work, and a little luck to line up all of these deals sequentially to fit the escrow exchange timeline. The process involved dealing with replacing stolen copper and electrical panels at 2630 Corporate Pl, waiting for the buyer of Stimson Ave to secure permits for the battery energy storage system, and waiting for the backlogged court system to evict a squatter. The experience was educational.” Ryan added, “Through it all, our client is very pleased with this acquisition and plans an additional purchase with the remaining proceeds of the sale. Office buildings that are 100% occupied, for sale, at a good rate of return are very limited in today’s market.”
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 375 brokerage offices and over 6,000 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 375 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 6,000 local market professionals, managing in excess of over 1.15 billion square feet of property. 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.
