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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.”


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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as 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, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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