Lee & Associates – Pasadena Successfully Closes Sunset Plaza in Diamond Bar

Sunset Plaza

June 6, 2024 (Pasadena, CA) – Lee & Associates – Pasadena Founding Principals, Christopher Larimore, Vincent Molitor and Jamie Harrison, successfully closed the sale of 560 North Diamond Bar Boulevard in Diamond Bar.

 

First time on the market in 40 years, Sunset Plaza sits in an excellent location off the 57 and 60 freeways.  The property went under contract for $3,100,000, with the seller giving the buyer a credit in the amount of $100,000 towards deferred maintenance at the close of escrow. The seller owned the property for over 40 years, moved out of state several years ago and decided it was time to sell the asset. The buyer was a local owner that was looking for a value-add property in Diamond bar as a long-term hold.

 

“In a dynamic market where interest rates have increased by over 5% since reaching a historic low in March 2020 of around 0.25%, it has become crucial for sellers and their agents to assess their position carefully and make necessary adjustments to maintain competitiveness in the market.” explains Jamie Harrison.

 

“The investors purchased this property with deferred maintenance understanding it’s excellent position in Diamond Bar and the appeal to small tenant users, which will create much more value once property improvements are completed.” explains Christopher Larimore.

 

Christopher Larimore
Principal
626.240.2788
clarimore@lee-associates.com
License ID 01314464		 Vincent Molitor
Principal
626.240.2786
vmolitor@lee-associates.com
License ID 01295360		 Jamie Harrison
Principal
626.240.2784
jamie.harrison@lee-associates.com
License ID 01290266

 

 

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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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