Doug McCauley, Drew Wetherhold and Jamie Harrison, all in Marcus & Millichap's Ontario office, brokered the sale of the two-story, garden-style building, which was constructed in 1981. The freestanding office property, the Hollenbeck Office Building, was 94% occupied with 28 tenants at the time of the sale.
The San Gabriel Valley office market is one of the strongest in the region, according to various sources, including recent first-quarter reports that show the availability rate there at just under 13%, compared with more than 19% for Los Angeles County overall. A forecast by the USC Lusk Center for Real Estate earlier this year said the San Gabriel Valley "has the brightest office outlook" this year because of its low rents, proximity to Downtown Los Angeles and strong demand from sectors like business services andfinance.
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