Lee & Associates – Pasadena Closes $4 million all-cash sale on a 19,300 SF Office Building in Covina, CA
June 19, 2023 (Covina, CA)
1272-1274 Center Court Dr, Covina CA 91724
Lee & Associates-Pasadena has successfully closed Royale Oaks Offices Building in an all-cash sale for $4,028,000, located at 1272-1274 Center Court Drive in Covina, CA. Represented by Principals Jamie Harrison, Christopher Larimore, and Vincent Molitor, the property was sold near its asking price to an international investor at a 4.1% cap rate with 82% occupancy. The new owner obtained a unique value-add investment property and intends to continue renting to small and medium-sized tenants.
Located in the Village Oaks Business Park, the Royale Oaks Offices Building is an excellent investment opportunity with high potential. The 19,300-square-foot property consists of two multi-tenant office buildings in a beautiful Spanish Colonial architectural style with 23 units and was occupied at 81.55% at the time of sale. This unique property offers updated interior suites, private restrooms, exterior entrances, and great potential upside in rates. Renovations included new exterior staircases, paint, and landscaping.
“Within a few days of listing the asset we used every resource available to create an aggressive marketing campaign for a pair of unique office buildings located in Covina, CA,” explained Jamie Harrison. “Given the challenges of increased debt cost we were focused on finding an all-cash buyer. A short time after our initial marketing blast we were able to secure an international investor focused on deploying capital into San Gabriel Valley office market. The investor closed all cash within 60 days from the opening of escrow.”
Press Release Articles:
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| Jamie Harrison, Founding Principal 626.240.2784 jamie.harrison@lee-associates.com License ID 01290266 | Christopher Larimore, Founding Principal 626.240.2788 clarimore@lee-associates.com License ID 01314464 | Vincent Molitor, Founding Principal 626.240.2787 vmolitor@lee-associates.com License ID 01295360 |
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ABOUT LEE & ASSOCIATES
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.
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