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California  + Los Angeles  + Office  | 

San Gabriel Valley MOB Trades in 1031 Exchange

Connect Healthcare is slated for October 29 and 30 at The Resort at Pelican Hill. Follow this link for more information and to register for the conference

A property containing a medical office building and a mixed-use office and medical building in West Covina, CA sold for $5.9 million to an undisclosed private 1031-exchange buyer. The seller was De Pietro Limited Partnership in a deal that works out to $261 a square-foot.

Located at 1539, 1541-1555 W. Garvey Ave., the 22,564 square-foot, two-building property is 100% leased by five tenants, including Kaiser Permanente and DaVita. Originally developed by the current owner, the asset had never been offered for sale. The well-maintained property enjoyed high historical occupancy and average tenancy of roughly 30 years.

CBRE’s Gary Stache, Mark Shaffer, Anthony DeLorenzo, Doug Mack, Damon Feldmeth and Jackie Benavidez represented the seller in the transaction.

Shaffer says, “The area offers an established mature infill medical office market with limited new competing product, low market vacancy and strong market fundamentals.”

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition
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