The property is located at 6303 Rosemead Blvd., Temple City, Calif. The nearly building was constructed in 2001. The price per sf for the property is $421, which is considered within market value. The deal was a 1031 Exchange Buyer for tax purposes.
The capitalization rate on the deal was 8.05%. The sale of the new property, constructed in 2001, represents a flight to quality for real-estate investors, according to Shaun Riley, one of the brokers on the seller side. The location is strong for retail, being on Rosemead Blvd, a state highway, with access to the 10 and 210 Freeways.
The buyer, Tasee Investments, was represented by Chris Thompson of Investment Real Estate Associates. The seller, GRAE Longden, was represented by David Lee and Shaun Riley of Faris Lee Investments.
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