{"id":2673,"date":"2022-12-06T12:00:58","date_gmt":"2022-12-06T20:00:58","guid":{"rendered":"https:\/\/www.lee-associates.com\/pasadena\/?p=2673"},"modified":"2023-07-17T15:36:42","modified_gmt":"2023-07-17T22:36:42","slug":"lee-associates-closes-sale-of-retail-investment-property-in-old-town-monrovia","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/pasadena\/2022\/12\/06\/lee-associates-closes-sale-of-retail-investment-property-in-old-town-monrovia\/","title":{"rendered":"Lee &amp; Associates &#8211; Pasadena, Inc. Closes $4 Million Sale of Retail Investment Property in Old Town Monrovia"},"content":{"rendered":"<p><strong>December 6, 2022 (Monrovia, CA) <\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-2674 size-medium alignleft\" src=\"https:\/\/www.lee-associates.com\/pasadena\/wp-content\/uploads\/sites\/58\/2022\/12\/102-108-S-Myrtle-Ave-Monrovia-300x225.jpg\" alt=\"\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.lee-associates.com\/pasadena\/wp-content\/uploads\/sites\/58\/2022\/12\/102-108-S-Myrtle-Ave-Monrovia-300x225.jpg 300w, https:\/\/www.lee-associates.com\/pasadena\/wp-content\/uploads\/sites\/58\/2022\/12\/102-108-S-Myrtle-Ave-Monrovia-1024x768.jpg 1024w, https:\/\/www.lee-associates.com\/pasadena\/wp-content\/uploads\/sites\/58\/2022\/12\/102-108-S-Myrtle-Ave-Monrovia-768x576.jpg 768w, https:\/\/www.lee-associates.com\/pasadena\/wp-content\/uploads\/sites\/58\/2022\/12\/102-108-S-Myrtle-Ave-Monrovia-1536x1152.jpg 1536w, https:\/\/www.lee-associates.com\/pasadena\/wp-content\/uploads\/sites\/58\/2022\/12\/102-108-S-Myrtle-Ave-Monrovia-2048x1536.jpg 2048w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/p>\n<p>Lee &amp; Associates \u2013 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.<\/p>\n<p>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.<\/p>\n<p>Dan Bacani of Lee &amp; Associates \u2013 Pasadena, Inc. represented the seller. Renato Lorja and Tyree Beavers of CIRE Partners represented the buyer, Monrovia Town Center, LLC.<\/p>\n<p>\u201cWhile 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,\u201d Bacani said. \u201cI am not surprised. Best-in-class product will always be vigorously pursued.\u201d<\/p>\n<p>&nbsp;<\/p>\n<table style=\"border-collapse: collapse;width: 24.3351%;height: 152px\">\n<tbody>\n<tr style=\"height: 181px\">\n<td style=\"width: 100%;height: 142px\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-720 \" src=\"https:\/\/www.lee-associates.com\/pasadena\/wp-content\/uploads\/sites\/58\/2019\/02\/Dan-Bacani-1-277x300.png\" alt=\"\" width=\"149\" height=\"161\" \/><\/td>\n<\/tr>\n<tr style=\"height: 10px\">\n<td style=\"width: 100%;height: 10px\"><span style=\"font-family: arial, helvetica, sans-serif\"><strong><span style=\"font-size: 10pt\">Dan Bacani, Founding Principal<br \/>\n<\/span><\/strong><span style=\"font-size: 10pt\">626.240.2781<br \/>\n<\/span><span style=\"font-size: 10pt\"><a href=\"mailto:dbacani@lee-associates.com\">dbacani@lee-associates.com<\/a><br \/>\n<\/span><span style=\"font-size: 10pt\">License ID 01385413<\/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>December 6, 2022 (Monrovia, CA) Lee &amp; Associates \u2013 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&#8230;<\/p>\n","protected":false},"author":119,"featured_media":2675,"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-2673","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 - Pasadena, Inc. 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