The seller, 612 Medical Building Partnership, was represented by Michael Dettling and Christopher Bonbright of Ramsey-Shilling Co. The buyer was represented by Judy Chow of Anca Realty Corp.
Rents and prices in the San Gabriel Valley have remained fairly steady in recent months, even as other submarkets have weakened. Another recent deal in the region involved a 76,000-sf manufacturing building in Monrovia that was purchased for $2.8 million, as reported earlier this week by GlobeSt.com.
The facility, which is located at 1616 S. California, is 100% leased. It is entirely occupied by CCL Label Inc., a Canadian-based manufacturer of packaging labels. The buyer was an affiliate of Hager Pacific Properties. The seller was Pasadena-based Avery Dennison Corp., which is a Fortune 500 company that develops, manufacturers and markets a wide range of adhesive products.
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