The 5 Most Expensive CRE Properties in LA County – April 2015

The 5 Most Expensive CRE Properties in LA County – April 2015

Do you have millions of dollars saved up? Are you looking to invest in commercial real estate properties currently for sale in LA County? If you answered yes to both of these questions, then you might want to consider the following list of properties. This list was compiled from information provided by CoStar, and includes the most expensive industrial, retail and multifamily categories listed for sale in April 2015. Properties on this list are still for sale as of May 1, 2015 and information is current as of this date.

 

5. VALENCIA: Valencia Commerceplex 2
28901-28903 N. Avenue Paine, Valencia, CA 91355
$23.8 MILLION

CoStar

CoStar

Listing Broker: CBRE
otal space: 146,000 sq. ft.
Price per square foot: $163.27
Year completed: 1999
Category: Industrial

This Valencia Industrial building is being sold by the sole occupant at the moment, MannKind Corporation, a pharmaceutical company. The sale of the property could be the result of structural changes at the company, as CEO Alfred Mann stepped down in early 2015. It is unclear whether the company will continue at the location after the building has been sold. 

4. SYLMAR: Mountainback Apartments
11777 Foothill Blvd., Sylmar, CA 91342
$25 MILLION

CoStar

CoStar

Listing Broker: Berkadia
Total space: 98,748 sq. ft.
Price per square foot: $253.17
Year completed: 1985
Category: Multifamily

The Mountainback Apartment Homes are a private, gated community featuring 124 units. Some of the community amenities include a pool, spa and fitness center. Abundant green area around as it is next to the Hansen Dam Recreation Area, allowing for picnicking, fishing, soccer and swimming.

3. DIAMOND BAR: Shopping Center
300 S. Diamond Bar Blvd., Diamond Bar, CA 91765
$25 MILLION

CoStar

CoStar

Listing Broker: CBRE
Total space: 53,155 sq. ft.
Price per square foot: $470.32
Year completed: 1970
Category: Retail

This Diamond Bar retail center is convenient for two reasons – 1: It is minutes away from the 57 & 60 freeways and 2: the entire space is leased by CVS Pharmacy. CVS, being a national credit tenant, is recognized nationally as a stable, long-term lessee. In 2012, it just extended a lease after having been at the Diamond Bar location for 30 years.

2. PASADENA: J. Grant
119 S. Los Robles Ave., Pasadena, CA 91101
$28 MILLION

Google Street View

Google Street View

Listing Broker: Berkadia
Total space: 45,813 sq. ft.
Price per square foot: $611.18
Year completed: Under Construction (Expected completion: 6/2015)
Category: Multifamily

As the picture above shows, the complex is still under construction, and is expected to be completed next month. When the apartments are completed, it will be a convenient address for tenants, being minutes away from Downtown Pasadena and nearby shops and restaurants.

1.  SANTA MONICA: San Vicente Towers
220 San Vicente Blvd., Santa Monica, CA 90402
$45 MILLION

CoStar

CoStar

Listing Broker: Par Commercial Brokerage
Total space: 92,957 sq. ft.
Price per square foot: $484.10
Year completed: 1972
Category: Multifamily

Located in Santa Monica, 2 blocks away from the ocean, this apartment complex is the most expensive commercial property listed last month in LA County. The seven story structure has 90 units, including 10 two-story penthouse apartments that have large rooftop patios with ocean views. 

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