Commercial real estate advisory firm Anchor Point Capital announced that it had arranged the sale of Plaza Diamond Bar — a two-building property encompassing office and retail space — for $12.2 million. The property is located in Diamond Bar, Calif., in a high-demand area of the 57 Freeway Corridor in eastern Los Angeles County between the San Gabriel Valley and Orange County. Diamond Bar is approximately 30 miles east of downtown LA and 17 miles northeast of Anaheim, Calif.

The two buildings making up the property are a mixed-use medical office building encompassing 25,000 square feet and an adjacent multi-tenant, 8,000-square-foot retail building. Only the retail building was listed for sale as the office building was sold off-market to a separate buyer. The property is situated in a larger medical complex bringing together multiple physicians and other professionals in need of medical office space.

Located at 2040 S. Brea Canyon Road, the office building (which is currently 40% leased) was bought by a private investor in the area in an all-cash deal. Meanwhile, Anchor Point Capital structured the financing for the sale of the retail building located at 2020 S. Brea Canyon Road, providing below-market debt rates for the new owner. The retail building has a 50% occupancy rate.

“These sale transactions demonstrate that office still has life, and certain office assets can generate strong investor interest,” said Eric Vu, managing principal of Anchor Point Capital. “In this case, the value of a quasi-medical campus situated on a high-profile freeway location in a suburban environment drove demand and price premiums higher than expected. While it is true we are seeing a softening for urban office assets, that interest has been diverted towards suburban office, as was the case for this MXU office building at Plaza Diamond Bar.”

The seller of the properties was a partnership spearheaded by Santa Monica-based Metro Properties, LLC, which is a real estate investment firm focusing on developing and operating office space in Los Angeles and elsewhere in the Western U.S. The firm also operates the Los Coyotes Center in Long Beach, Calif., as well as the Glenoaks Plaza shopping center in San Fernando, Calif.

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