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Covina Offices Snapped Up by International Investor
Lee & Associates-Pasadena closed a deal for Royale Oaks Offices Building, located at 1272-1274 Center Court Dr. in Covina, in an all-cash sale for $4,028,000. Represented by principals Jamie Harrison and Christopher Larimore, the property was sold near its asking price to an international investor at a 4.1% cap rate.
Located in the Village Oaks Business Park, the 19,300-square-foot, two-building Royale Oaks was 81.55% occupied at the time of sale. Renovations by its previous ownership included new exterior staircases, paint, and landscaping.
“Given the challenges of increased debt cost we were focused on finding an all-cash buyer,” said Harrison. “A short time after our initial marketing blast, we were able to secure an international investor focused on deploying capital into San Gabriel Valley office market. The investor closed all cash within 60 days from the opening of escrow.”
- ◦Sale/Acquisition
