NAI Capital Represents Buyer and Seller in Monrovia Investment Sale
Monrovia, CA – July 15, 2015 – (RealEstateRama) — NAI Capital was instrumental in representing both the buyer and seller of 111 West Lemon Avenue in Monrovia, Calif. The seller BF Monrovia LLC, which originally built the property in 1989 for their company Barry’s Jewelers, sold to 111 Lemon Investors LLC a locally based investor for $9.6 million or $199 per square foot.
111 West Lemon Avenue is a three story 48,225 square foot office building with a state of the art wet lab facility built for Xencor, a biotechnology company that has been a tenant since 2000. The third floor was completely renovated in 2011 to accommodate WorleyParsons’ regional headquarters. Tenants WorleyParsons (ASX: WOR) and Xencor (Nasdaq: XNCR) are both large publicly traded companies. The project was approximately 100% leased to long term credit tenants at the time of the sale.
The property is located in the heart of Old Town Monrovia, within walking distance of luxury apartments, upscale restaurants, casual dining, an eclectic group of retailers, a 12-screen Krikorian movie theatre and free covered city parking. It is a few minutes’ drive to the 210 and 605 freeways, in the center of Monrovia’s renowned Huntington Drive High Tech Corridor which is home to high-tech, bio-tech and aerospace industries; Miyachi Unitek, AeroVironment, Starr Surgical, Ducommon Aerostructures, Universal Genetics and 3M.
Executive Vice President, Branch Manager Carl Anderson along with Senior Vice President Dan Bacani, of NAI Capital represented the seller. Senior Vice President Dave Stassel and Vice President Ryan Ramage represented the buyer. “This was a tremendous investment opportunity to own a building with two major credit tenants in Old Town Monrovia and near the city’s High Tech Corridor,” said Bacani. “The availability of investment grade office buildings in this part of the San Gabriel Valley is virtually non-existent, this unique opportunity offers a great return on investment for a local investor.”
Anderson added, “With Monrovia becoming a destination of choice for many growing high tech companies, manufacturing facilities and leading industry organizations, this makes 111 West Lemon Avenue a great long term hold investment.”
Stassel said, “The quality of the tenants, the condition and location of the asset was a huge attraction for our buyer. Under current market conditions it is difficult to find an investment with that combination. The buyer is extremely pleased with their investment in this project.”
About NAI Capital
NAI Capital is a leading Southern California commercial real estate firm headquartered in Encino, California. With 14 offices throughout Los Angeles, Orange, Riverside, San Bernardino and Ventura Counties, NAI Capital is the Southern California member of NAI Global, a premier real estate service network in 55 countries with 375 local offices and 6,700 local market leaders spanning the globe. Since 1979, NAI Capital clients have built their businesses on the power of our expanding network. Our extensive services include: multi-site acquisitions and dispositions, sublease, tenant representation, lease administration and audit, investment services, due diligence and related consulting and advisory services.
NAI Capital Brokerage CA BRE #00806840.
To learn more, visit www.naicapital.com
J.C. Casillas
Director of Research and Public Relations
jcasillas (at) naicapital (dot) com
NAI Capital
16001 Ventura Blvd, Suite 200
Encino, CA 91436
naicapital.com
Tel +1 818 933 2433
Fax +1 818 905 2425
