Monday, August 8, 2011

$7.5 Million Development Site on the Market in Southern California



EL MONTE, CA, Aug. 8, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has secured the exclusive listing to sell a 124,966 square-foot, 2.86-acre development site (top left photo) in El Monte. The listing price is $7,500,000.

Daniel Withers and Lonnie McDermott, investment specialists in Marcus & Millichap’s Encino office, have the exclusive listing to market the property on behalf of the seller, a private partnership.   

“A savvy investor or developer has the opportunity to transform this land into a mixed-use project with multiple uses, or a quality affordable housing project,” says Withers.


“The City of El Monte has identified an absolute need for new multifamily housing development as well as retail designed to serve this urban corridor.

"As a result of the city’s pro-development stance, it will work diligently with any investor or developer to make an innovative urban infill project come to fruition,” adds McDermott.

Located at 2668 Santa Anita Ave., the site currently has two apartment buildings, built in 1963, commercial uses and a single-family residence. The commercial real estate occupying the land is approximately 60 percent vacant and generates about $175,000 annually.

El Monte is located in Los Angeles County’s San Gabriel Valley.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

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