Lee & Associates – Pasadena, Inc. Closes $4 Million Sale of Retail Investment Property in Old Town Monrovia
December 6, 2022 (Monrovia, CA)
Lee & Associates – Pasadena, Inc. assisted the seller, MBB Property, LLC with the sale of 102-108 South Myrtle Avenue in Monrovia, California, for $4.225 million ($531.58 per square foot) at a stabilized CAP rate of 4.35% to a local investor.
The one-story, 7,948-square-foot retail strip center consists of 4 units, 3 of which were occupied at the time of close. The property features one of the highest parking ratios of any in Old Town Monrovia and is located across from Foothill Park Plaza, a Vons anchored neighborhood center.
Dan Bacani of Lee & Associates – Pasadena, Inc. represented the seller. Renato Lorja and Tyree Beavers of CIRE Partners represented the buyer, Monrovia Town Center, LLC.
“While retail in suburban markets has come under pressure as of late, I received three strong offers from national tenants to lease the last remaining space,” Bacani said. “I am not surprised. Best-in-class product will always be vigorously pursued.”
|Dan Bacani, Founding Principal|
License ID 01385413
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Lee & Associates – Pasadena is a full service commercial real estate company headquartered in Pasadena, CA. Our client-focused brokers specialize in office, retail, tenant advisory, multifamily, and investment sales. As the fastest-growing broker-owned firm in the nation, with more than 60 office locations in North America, we are uniquely qualified to support our clients’ real estate needs in the local, national and international markets. For more information, visit lee-pasadena.com.