September 18, 2019 – CBRE announced the sale of a suburban office building in San Dimas, Calif. to Taiwan-based HCT Logistics Co. LTD for $19.9 million in cash.
Mark Shaffer, Anthony DeLorenzo, Gary Stache, Doug Mack, Mark Perry and Carlene O’Neil represented the seller, 955 Overland Venture, LLC, a local real estate investment company. The buyer, a leading Taiwan-based logistics and investment company founded in 1928, was represented by an outside broker.
Located at 955 Overland Court, the multi-tenant building totals 87,210 square feet and was 100 percent leased at the time of sale, including the County of Los Angeles, United Nurses of California and Med-Legal. The two-story property is located near the 210 and 57 freeways and sits in proximity to a variety of amenities.
“We received a great amount of interest in this fully leased building, which resulted in a competitive bidding process with multiple offers,” said Shaffer. “San Dimas, given its recent leasing momentum and relative value, is attracting interest from investors who are searching for stable cash flow and strong yields beyond primary real estate markets.”
Despite a nationwide slow-down in inbound capital to the U.S. — deals totaled $16.9 billion, down from a record $32.7 billion in the same period last year with much of the decline in spending on large mergers and acquisitions according to the latest CBRE report, Los Angeles CBRE Press Release
has continued to attract money. LA is second in the nation, only behind Manhattan, for inbound investment with a total of $1.7 billion. Demand is driven by the gateway market’s relative value proposition compared with other metro areas, its continued strong leasing fundamentals, the regions immense population and the fact that it isn’t dominated by a single industry but is host to a variety of companies and employers, according to CBRE.
Since 2015, the team has sold or has in escrow 250 transactions valued in excess of $3.49 billion.