Lee & Associates Pasadena Completes Sale for $7.025 Mil Investment Property
PASADENA, CA – July 2017 – The Pasadena office of Lee & Associates has closed a $7,025,000 sales transaction at 6.46% cap rate for the Quadrangle Building, which consists of a rare single-story, Class B, multi-tenant garden style office building totaling 54,219-square-feet located at 5900 S. Eastern Avenue in Commerce, Calif.
Christopher Larimore of Lee & Associates Pasadena and Dave Smith of Lee & Associates Irvine successfully represented the seller Quadrangle Building, LLC. Christopher Larimore and Vincent Molitor of Lee & Associates Pasadena represented the buyer Quest Realty Group.
Lee & Associates Pasadena worked in conjunction with Lee & Associates Irvine to procure a buyer through their investor network. Quest Realty Group was motivated by the value-add potential of the property and bought it with the intention of holding the building long term. A part of the appeal was the rare construction of a single-story office building with direct suite entrances, close proximity to Downtown Los Angeles and its creative interior office space.
Lee & Associates Pasadena was retained to lease the property for the new owner.