Lee & Associates closed The Becrich Building as a $4,350,000 value-add office sale in Covina, CA
October 26, 2021 (Covina, CA)
Lee & Associates, the largest broker-owned commercial real estate firm in North America, announced today the successful close of an investment sale in the San Gabriel Valley at 599 S Barranca Avenue in Covina, CA for $4,350,000.
Christopher Larimore, Jamie Harrison and Vincent Molitor of Lee & Associates – Pasadena, represented both the seller, Desert Crest LLC and the buyer, Chung and Associates Inc.
The Becrich Building, is approximately 27,038 square feet and offers a rare opportunity to own only one of two multi-tenant, four-story commercial buildings with flexible zoning allowing for a multitude of office, medical, and retail uses in the entire city of Covina. This property is unique in the area with a prominent rounded corner facade, building signage, four stories to include lower level and a penthouse suite, both subterranean and surface parking, elevator service and high visibility at a busy signalized intersection.
The seller originally purchased this property in 1999 as an owner-user, running their family business from this location. The sale was prompted after the seller retired and the family business relocated to San Dimas, CA. With market conditions favorable to sellers, now was a perfect time to list the Becrich Building for sale.
The buyer was in the market for a multi-tenant office building with potential upside in rents. At 90% occupied to long-term tenants, this property was an ideal value-add opportunity, with the majority of tenants in month-to-month leases, leaving room to increase rents to market. In addition, the new owner plans to renovate and remodel the property further boosting the desirability of this asset.
“This past year the Covina/West Covina submarket experienced 12 office property sales of which the majority were larger than 20,000 square feet. This activity has helped investors see the potential in this submarket and added to the interest in the Becrich Building,” explained Christopher Larimore.
Located in the heart of Covina, over 24,196 cars pass daily at this busy intersection with easy access from I-10 (San Bernardino) freeway. Surrounded by abundant national retailers, walking to any such business is only minutes away at Eastland Shopping Center, IKEA and Shoppers Lane. Downtown Covina and City Hall are a quick 3-minute drive away, and Emanate Inter-Community Hospital with 191 beds, licensed as general acute care hospital, is nearby at 1.2 miles northwest.
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| Jamie Harrison Founding Principal 626.240.2784 jamie.harrison@lee-associates.com License ID 01295360 |
Christopher Larimore Founding Principal 626.240.2788 clarimore@lee-associates.com License ID 01314464 |
Vincent Molitor Founding Principal 626.240.2787 vmolitor@lee-associates.com License ID 01295360 |
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ABOUT LEE & ASSOCIATES
Lee & Associates – Pasadena is a full service commercial real estate company headquartered in Pasadena, CA. Our client-focused brokers specialize in office, retail, tenant advisory, multifamily, and investment sales. As the fastest-growing broker-owned firm in the nation, with more than 60 office locations in North America, we are uniquely qualified to support our clients’ real estate needs in the local, national and international markets. For more information, visit lee-pasadena.com.
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