"We listed the property at $3.1 million and we sold it for $3,063,000," says Ryan Beneson of Marcus & Millichap Real Estate Investment Brokerage Co.'s Ontario office, who worked on the deal. "That's pretty remarkable." In addition, the cap rate was 8.7%, which Beneson says is relatively low for the Diamond Bar area.
Lawyer David Chain has acquired the facility, known as the Diamond Bar Plaza, and plans to occupy a portion of it. Encompassing 25,864 sf, the property was 89% leased at the time of sale. According to Beneson, other office buildings in the region have higher vacancy levels. He attributes Diamond Bar Plaza's favorable occupancy level to its large parking structure. Located at 660 N. Diamond Bar Blvd., the building's tenant mix includes Kulture Co. and Western Insurance.
The facility has been sold by a partnership consisting of Burt Commercial Real Estate and Ashwill Investments. Beneson, along with Marcus & Millichap colleague Drew Wetherholt, brokered the transaction.
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