{"id":2305,"date":"2021-10-26T11:24:23","date_gmt":"2021-10-26T18:24:23","guid":{"rendered":"https:\/\/www.lee-associates.com\/pasadena\/?p=2305"},"modified":"2023-07-17T15:38:34","modified_gmt":"2023-07-17T22:38:34","slug":"lee-associates-closed-the-becrich-building-as-a-4350000-value-add-office-sale-in-covina-ca","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/pasadena\/2021\/10\/26\/lee-associates-closed-the-becrich-building-as-a-4350000-value-add-office-sale-in-covina-ca\/","title":{"rendered":"Lee &amp; Associates closed The Becrich Building as a $4,350,000 value-add office sale in Covina, CA"},"content":{"rendered":"<p><strong>October 26, 2021 (Covina, CA) <\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-2309 alignleft\" src=\"https:\/\/www.lee-associates.com\/pasadena\/wp-content\/uploads\/sites\/58\/2021\/10\/01-Photo-Mar-13-12-13-25-PM-300x225.jpg\" alt=\"\" width=\"317\" height=\"238\" srcset=\"https:\/\/www.lee-associates.com\/pasadena\/wp-content\/uploads\/sites\/58\/2021\/10\/01-Photo-Mar-13-12-13-25-PM-300x225.jpg 300w, https:\/\/www.lee-associates.com\/pasadena\/wp-content\/uploads\/sites\/58\/2021\/10\/01-Photo-Mar-13-12-13-25-PM-1024x768.jpg 1024w, https:\/\/www.lee-associates.com\/pasadena\/wp-content\/uploads\/sites\/58\/2021\/10\/01-Photo-Mar-13-12-13-25-PM-768x576.jpg 768w, https:\/\/www.lee-associates.com\/pasadena\/wp-content\/uploads\/sites\/58\/2021\/10\/01-Photo-Mar-13-12-13-25-PM-1536x1152.jpg 1536w, https:\/\/www.lee-associates.com\/pasadena\/wp-content\/uploads\/sites\/58\/2021\/10\/01-Photo-Mar-13-12-13-25-PM-2048x1536.jpg 2048w\" sizes=\"auto, (max-width: 317px) 100vw, 317px\" \/> Lee &amp; Associates, the largest broker-owned commercial real estate firm in North America, announced today the successful close of an investment sale in the San Gabriel Valley at 599 S Barranca Avenue in Covina, CA for $4,350,000.<\/p>\n<p><a href=\"https:\/\/www.lee-associates.com\/pasadena\/christopher-larimore\/\">Christopher Larimore, <\/a><a href=\"https:\/\/www.lee-associates.com\/pasadena\/jamie-harrison\/\">Jamie Harrison<\/a> and <a href=\"https:\/\/www.lee-associates.com\/pasadena\/vincent-molitor\/\">Vincent Molitor<\/a> of <a href=\"https:\/\/www.lee-associates.com\/pasadena\/\">Lee &amp; Associates \u2013 Pasadena<\/a>, represented both the seller, Desert Crest LLC and the buyer, Chung and Associates Inc.<\/p>\n<p>The Becrich Building, is approximately 27,038 square feet and offers a rare opportunity to own only one of two multi-tenant, four-story commercial buildings with flexible zoning allowing for a multitude of office, medical, and retail uses in the entire city of Covina. \u00a0This property is unique in the area with a prominent rounded corner facade, building signage, four stories to include lower level and a penthouse suite, both subterranean and surface parking, elevator service and high visibility at a busy signalized intersection.<\/p>\n<p>The seller originally purchased this property in 1999 as an owner-user, running their family business from this location. The sale was prompted after the seller retired and the family business relocated to San Dimas, CA. With market conditions favorable to sellers, now was a perfect time to list the Becrich Building for sale.<\/p>\n<p>The buyer was in the market for a multi-tenant office building with potential upside in rents. At 90% occupied to long-term tenants, this property was an ideal value-add opportunity, with the majority of tenants in month-to-month leases, leaving room to increase rents to market. In addition, the new owner plans to renovate and remodel the property further boosting the desirability of this asset.<\/p>\n<p>\u201cThis past year the Covina\/West Covina submarket experienced 12 office property sales of which the majority were larger than 20,000 square feet. This activity has helped investors see the potential in this submarket and added to the interest in the Becrich Building,\u201d explained Christopher Larimore.<\/p>\n<p>Located in the heart of Covina, over 24,196 cars pass daily at this busy intersection with easy access from I-10 (San Bernardino) freeway. Surrounded by abundant national retailers, walking to any such business is only minutes away at Eastland Shopping Center, IKEA and Shoppers Lane.\u00a0 Downtown Covina and City Hall are a quick 3-minute drive away, and Emanate Inter-Community Hospital with 191 beds, licensed as general acute care hospital, is nearby at 1.2 miles northwest.<\/p>\n<p>&nbsp;<\/p>\n<table style=\"border-collapse: collapse;width: 75.9421%;height: 240px\">\n<tbody>\n<tr style=\"height: 181px\">\n<td style=\"width: 15.9114%;height: 178px\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-779\" src=\"https:\/\/www.lee-associates.com\/pasadena\/wp-content\/uploads\/sites\/58\/2019\/02\/Jamie-Harrison-277x300.png\" alt=\"\" width=\"143\" height=\"155\" \/><\/td>\n<td style=\"width: 15.8183%;height: 178px\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-776\" src=\"https:\/\/www.lee-associates.com\/pasadena\/wp-content\/uploads\/sites\/58\/2019\/02\/Christopher-Larimore-277x300.png\" alt=\"\" width=\"145\" height=\"157\" \/><\/td>\n<td style=\"width: 33.3752%;height: 178px\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-929\" src=\"https:\/\/www.lee-associates.com\/pasadena\/wp-content\/uploads\/sites\/58\/2019\/03\/Vincent-Molitor-277x300.png\" alt=\"\" width=\"144\" height=\"156\" \/><\/td>\n<\/tr>\n<tr style=\"height: 62px\">\n<td style=\"width: 15.9114%;height: 62px\"><span style=\"font-family: arial, helvetica, sans-serif\"><strong><span style=\"font-size: 10pt\">Jamie Harrison<br \/>\nFounding Principal<br \/>\n<\/span><\/strong><span style=\"font-size: 10pt\">626.240.2784<br \/>\n<\/span><span style=\"font-size: 10pt\"><a href=\"mailto:jamie.harrison@lee-associates.com\">jamie.harrison@lee-associates.com<\/a><br \/>\n<\/span><span style=\"font-size: 10pt\">License ID 01295360<\/span><\/span><\/td>\n<td style=\"width: 15.8183%;height: 62px\"><span style=\"font-family: arial, helvetica, sans-serif\"><strong><span style=\"font-size: 10pt\">Christopher Larimore<br \/>\nFounding Principal<br \/>\n<\/span><\/strong><span style=\"font-size: 10pt\">626.240.2788<br \/>\n<\/span><span style=\"font-size: 10pt\"><a href=\"mailto:clarimore@lee-associates.com\">clarimore@lee-associates.com<\/a><br \/>\n<\/span><span style=\"font-size: 10pt\">License ID 01314464<\/span><\/span><\/td>\n<td style=\"width: 33.3752%;height: 62px;text-align: left\"><span style=\"font-family: arial, helvetica, sans-serif\"><strong><span style=\"font-size: 10pt\">Vincent Molitor<br \/>\nFounding Principal<br \/>\n<\/span><\/strong><span style=\"font-size: 10pt\">626.240.2787<br \/>\n<\/span><span style=\"font-size: 10pt\"><a href=\"mailto:vmolitor@lee-associates.com\">vmolitor@lee-associates.com<\/a><br \/>\n<\/span><span style=\"font-size: 10pt\">License ID 01295360<\/span><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><strong><em>###<\/em><\/strong><\/p>\n<p><strong><u>ABOUT LEE &amp; ASSOCIATES<br \/>\n<\/u><\/strong>Lee &amp; Associates \u2013 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\u2019 real estate needs in the local, national and international markets. For more information, visit\u00a0<a href=\"http:\/\/www.lee-pasadena.com\/\">lee-pasadena.com<\/a>.<\/p>\n<p><strong><em>###<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>October 26, 2021 (Covina, CA) Lee &amp; Associates, the largest broker-owned commercial real estate firm in North America, announced today the successful close of an investment sale in the San Gabriel Valley at 599 S Barranca Avenue in Covina, CA for $4,350,000. Christopher Larimore, Jamie Harrison and Vincent Molitor of Lee &amp; Associates \u2013 Pasadena, represented both the seller, Desert Crest LLC and the buyer, Chung and Associates Inc. The Becrich Building, is approximately 27,038&#8230;<\/p>\n","protected":false},"author":119,"featured_media":2313,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,2],"tags":[581,582,241,239,583,585],"class_list":["post-2305","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-press-releases","tag-commercial-real-estate","tag-cre","tag-lee-associates","tag-lee-pasadena","tag-real-estate","tag-sold"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.6 (Yoast SEO v28.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Lee &amp; Associates closed The Becrich Building as a $4,350,000 value-add office sale in Covina, CA - Lee &amp; Associates Pasadena<\/title>\n<meta name=\"description\" content=\"Lee &amp; Associates - Pasadena, Christopher Larimore and Jamie Harrison, closes a value-add investment sale in the San Gabriel Valley, CA.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lee-associates.com\/pasadena\/2021\/10\/26\/lee-associates-closed-the-becrich-building-as-a-4350000-value-add-office-sale-in-covina-ca\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lee &amp; 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