CBRE Announces Sale of 2.9-Acre Development Site in Arcadia, California

CBRE has arranged the sale of a 2.9-acre development site several parcels of land in Arcadia, Calif.

Dean Zander and Stewart Weston of CBRE and John Montakab of Walker & Dunlop facilitated the sale on behalf of the buyer, a joint venture between Trammell Crow Residential (“TCR”) and Positive Investments, a diversified real estate investment and property management company based in Arcadia, Calif.

The land is adjacent to the Arcadia Gold Line light-rail station and situated between Santa Anita Avenue, Santa Clara Street and Wheeler Avenue. Existing improvements include parking lots, an eight-story office building and a single-story bank building. TCR is planning a 319-unit multifamily development on the 2.2 acres of land adjacent to the existing structures.

“The strong demand for housing and steady rent growth in the market make this land purchase a highly valuable investment for the new owners,” said Mr. Zander. “With the approved construction plans for multifamily housing, Trammell Crow Residential will be able to take advantage of excellent market fundamentals.”

“This development is going to bring much needed housing to the city of Arcadia,” added Mr. Weston. “The site is centrally located in a highly desirable market with convenient access to public transportation, shopping and entertainment, and outdoor recreation.”

The proposed project is TCR's Alexan-branded development which features seven-story building with 319 units and 575 parking spaces. The contemporary podium-style building will be flanked by a new outdoor plaza separating the apartments from the existing office building. A pedestrian paseo will be added to provide convenient access to the light-rail station and Downtown Arcadia amenities.

According to CBRE research, the North San Gabriel Valley is one of the strongest rent growth markets in Greater Los Angeles, experiencing a 1.8% year-over-year increase.