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| 1360 West Garvey Ave., West Covina, CA |
Patrick Barnes, Vice President, and Peter Spragg,
Associate Vice President of Colliers International, represented the seller. The
buyer is Olympic Harbor Investment Corporation, a Nevada Corp., based out of
Los Angeles, Calif.
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| Patrick Barnes |
Sold at $4.2 million, 1360 W. Garvey Avenue is the largest
single tenant restaurant sale since 2010 in Southern California.
The property received multiple offers because of its large
physical value (2.4 acres of land) and direct exposure to I-10 freeway and
adjacent to the 1.4 million square foot West Covina Mall.
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| Peter Spragg |
“The biggest
challenge we needed to overcome was the strength of the existing tenant,”
explained Patrick Barnes, who said that the property was unable to seek out
most triple net investors.
“In addition to the
investment community, there would have been a demand for the real estate if
there had not been a lease in place.” Barnes believes that the Southern
California investment market will continue to adjust and strong demand will
return to the investment and tenant community throughout 2013.
Contact:
Rainee Tiske
Marketing Specialist | PR GLA| Torrance, CA
Dir +1 310 381 2413
Main +1 310 381 1000
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