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Lee & Associates Negotiates $7,025,000 Sale of Commerce Office

COMMERCE, Calif. - Sept. 12, 2017 - Rezul -- The Pasadena and Irvine office of Lee & Associates, the largest broker-owned commercial real estate firm in North America, has negotiated the sale and purchase of a 54,219-square-foot office building, located at 5900 Eastern Avenue, Commerce.

Christopher Larimore, principal of Lee & Associates Pasadena, represented the buyer, Quadrangle-CP, LLC, and Dave Smith, senior vice president of Lee & Associates Irvine, represented the seller Quadrangle-CP, LLC.

Built in 1974 and remodeled in 1987, the office sits on 3.5 acres of land that contains ample onsite parking. The property is minutes away from downtown Los Angeles and is currently 85% leased.

"The single-story office property was a uniquely positioned asset for this group's investment portfolio," said Larimore, adding that the buyer is keenly focused on modernizing and renovating this building for leasing. "The seller wanted to focus on other commercial assets and he was able to sell for a 6.46% cap rate."
Prior to this acquisition, this ownership group purchased property at 2934 E Garvey Avenue in West Covina. That property, which consisted of 100,803 square feet, was transformed into a modern green-friendly Class B office building with prime 10 freeway exposure. Larimore noted that the owners are planning on doing the same innovative improvements to the 5900 Eastern Avenue property.

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About Lee & Associates

Lee & Associates is a commercial real estate brokerage, management and appraisal services firm. Established in 1979, Lee & Associates has grown its service platform to include offices in the United States and Canada. Lee & Associates provides superior market intelligence in office, industrial, retail, investment and appraisal to meet the specialized needs of our clients. For the latest news from Lee & Associates, visit lee-associates.com

Contact
Erik Hamilton
***@lee-associates.com


Source: Lee & Associates

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