Taiwanese All-Cash Buyer Goes for Mixed-Use Asset

A mixed-use residential and retail property in Arcadia recently sold to a private investor from Taiwan for $39.2 million in cash. The property located at 57 Wheeler Ave. is one of the few mixed-use projects in Arcadia that has traded in the past five years.

Completed in 2019, the property features 38 apartments and 17,000 square feet of ground-floor retail space including such tenants as Universal Bank and Tap Lounge. Building amenities include elevators, an outdoor barbecue area and courtyard, and EV charging stations. The property is within walking distance to the Metro Gold Line, retail and restaurants.

CBRE’s Joyce Goldstein and Eric Chen represented the buyer in the transaction. The CBRE team also represented the seller, a local developer. CBRE was involved with the seller throughout the construction and lease-up period.

“This is an extremely rare opportunity for the buyer to own a trophy asset in downtown Arcadia,” said Chen. “The new owner is planning to hold this property as a long-term investment. They view it as a generational investment, and they appreciate the new construction and the opportunity to lease the remaining vacant retail units.”