Marcus & Millichap’s Institutional Property Advisors Closes $87 Million Mixed-Use Asset Sale in California’s San Gabriel Valley
13 8월 2024 - 5:10AM
Business Wire
Institutional Property Advisors (IPA), a division of Marcus
& Millichap (NYSE:MMI), announced today the sale of Paragon at
Old Town, a 163-unit multifamily asset with 6,077 square feet of
ground floor retail in Monrovia, California. The property sold for
$87.25 million, or $535,276 per unit.
“Located in a submarket with 3.09% vacancy over the past 12
months, Paragon at Old Town is a one-of-a-kind, institutionally
maintained asset,” said Joseph Grabiec, IPA executive managing
director investments. “The acquisition gives new ownership
opportunity to enhance the interior renovation scope and focus on
higher returns.”
Grabiec and IPA’s Kevin Green and Gregory Harris represented the
seller, Sequoia Equities, and procured the buyer, SCS Development
Company, Inc. “The sale is one of only two Los Angeles County
multifamily assets of 150 units or more and the only one outside of
West LA to trade for over $500,000 per unit in the last 12 months,”
said Green. “The sales price reflects the value of the asset’s
exceptional location within walking distance of many shopping
boutiques and restaurants along Myrtle Avenue, and in Old Town
Monrovia.”
The property is under a mile from employers on Huntington Drive,
Foothill Freeway/Interstate 210, and a metro stop that runs through
Pasadena and Downtown Los Angeles. Nearby area employers include
WorleyParsons, Xencor, City of Hope, Vinyl Technology, Walmart,
Target, Parasoft, and L3Harris.
Paragon at Old Town has resort-style community amenities
including a resident lounge, club-quality fitness center, game
room, elliptical swimming pool and spa with private cabanas, and
outdoor lounges and courtyards. There are six floor plans with
units ranging from 744 square feet to 1,247 square feet. The four
retail suites are 100% occupied by The UPS Store, eateries, and a
sporting goods store.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus
& Millichap (NYSE: MMI), a leading commercial real estate
services firm in North America. IPA’s combination of real estate
investment and capital markets expertise, industry-leading
technology, and acclaimed research offer customized solutions for
the acquisition, disposition and financing of institutional
properties and portfolios. For more information, please visit
www.institutionalpropertyadvisors.com.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm
specializing in commercial real estate investment sales, financing,
research and advisory services with offices throughout the United
States and Canada. As of December 31, 2023, the company had 1,783
investment sales and financing professionals in over 80 offices who
provide investment brokerage and financing services to sellers and
buyers of commercial real estate. The company also offers market
research, consulting and advisory services to clients. Marcus &
Millichap closed 7,546 transactions in 2023, with a sales volume of
approximately $43.6 billion. For additional information, please
visit www.MarcusMillichap.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240812511551/en/
Gina Relva, VP of Public Relations
Gina.Relva@MarcusMillichap.com
Marcus and Millichap (NYSE:MMI)
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