Growth Investment Group, a top-tier commercial real estate investment brokerage in Los Angeles, announced today the sale of the Crestmont office building located at 2600 Mission Street, San Marino, California. The asking price was $7 million, representing a cap rate of approximately 3.78 percent.
Growth Investment Group Vice President Donald La represented the seller, Unison Investment Co., LLC, and spearheaded this transaction. The buyer was Chen Corp, an investment group based in Pennsylvania.
The Crestmont is located in prime downtown San Marino and offers 6 offices, 9 executive suites, and 2 phone towers. Built in 1980 and renovated in 2017, this modern office building is comprised of: ADA compliant underground parking, elevator, fire sprinkler, HVAC system, and an attractive lounge area for guests. The parking lot offers ample space with a total capacity of 40 cars.
“Cap rates might not be as attractive in the San Gabriel Valley especially in prime areas such as San Marino, South Pasadena, Arcadia and surrounding cities,” said La. “But the stability and lower volatility make it a great place for investors to park their funds and hold for the long term.”
Aside from the prime location, this commercial property benefits from an affluent and upscale resident demographic. In 2014, Forbes Magazine ranked San Marino as the 48th most expensive area to live in the United States and in 2017, Bloomberg ranked it 78th. Household income estimates in a one mile radius show an average of $152,466 in 2017.
The property is approximately 16,907 square feet and is situated on a hard corner of historic Mission Street and Los Robles Ave, boasting two sides of frontage and high street visibility.
Donald Tan La, a top commercial real estate broker in San Gabriel Valley, has sold multiple properties in San Marino and surrounding areas and specializes in office buildings and multi-family properties.