CBRE Announces Sale of New Mixed-Use Residential and Retail Project in Arcadia, Calif. to Overseas Investor for $39.2 Million
November 9, 2021
Trophy Asset Sold for $756,000 Million Per Unit
Los Angeles – CBRE announced the sale of a mixed-use residential and retail property in Arcadia, Calif. to a private investor from Taiwan for $39.2 million in cash.
CBRE’s Joyce Goldstein and Eric Chen represented the buyer in the transaction.
The property, located at 57 Wheeler Avenue, is one of the few mixed-use projects in the City of Arcadia that has traded in the past five years. The new property, completed in 2019, features 38 apartments and 17,000 square feet of ground-floor retail space, including such tenants as Universal Bank and Tap Lounge. Building amenities include elevators, an outdoor BBQ area and courtyard, ample guest parking, storage spaces and EV charging stations. Apartment features include double vanities, stainless steel applicates, hardwood floors and in-unit washers & dryers. The property sits in a prime transit-oriented location within walking distance to the Metro Gold Line, retail and restaurants.
“This is an extremely rare opportunity for the buyer to own a trophy asset in Downtown Arcadia,” said Chen. “The new owner is planning to hold this property as a long-term investment. They view it as a generational investment, and they appreciate the new construction and the opportunity to lease the remaining vacant retail units."
The CBRE team also represented the seller, a local developer.
"Our team was also involved with the seller throughout the construction and lease-up period and advised and oversaw the process over the last four years to a successful execution of the sale," said Goldstein.Added Tydlaska, “This is Pendulum and Long Wharf's second acquisition in a major media submarket of Los Angeles, following the purchase of 2901 Alameda in Burbank in May of this year. It shows their strong belief in the strength of our region’s tech, media and entertainment companies and the sector’s demand for high-quality office space.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.