GLENDALE, CA – The Coldwell Banker Commercial (CBC) Alliance Los Angeles office announced it has closed the $6.5 million sale of 550 S. Second Avenue in Arcadia, CA, an approximately 21,643 square-foot property situated on a nearly 76, 911 square-foot land site. The CBC Alliance team was led by Senior Vice President Corey A. Waite, who represented both the buyer Dexter Development, as well as the seller, in the negotiations.
The property, which served as the location for a local religious facility and school, was greeted with strong local interest once it was placed on the market, receiving 12 offers in less than two weeks after its initial public notice. The winning bid was eventually awarded to Arcadia-based developer Dexter Development.
Due to the strong competition for the property, the final closed transaction was over $1.2 million above the asking price, which represented one of the highest sale prices per-square-foot for a land parcel in the region and included exclusive “market-setting” terms.
This is an outstanding deal with extremely favorable terms, and we were pleased to close this transaction in a timely manner to a buyer with strong roots in the area,” notes Mr. Waite. “However, it was equally pleasing to witness the tremendous interest the property drew from a number of regional developers, a solid indicator that our local market remains strong and active.”
The 550 S. Second Avenue property is well located in the residential neighborhood of Arcadia, offering excellent access to the 210 Freeway and its vast amenities. It offers excellent ingress and egress through two separate streets. For more information, contact Tom Nolan at [email protected].