A private investor from Taiwan has paid $39.2 million in cash for a mixed-use property in Arcadia.
The property is located at 57 Wheeler Ave. and is one of the few mixed-use projects in the city that has traded in the last five years, according to CBRE Group Inc. CBRE’s Joyce Goldstein and Eric Chen represented the buyer in the transaction. CBRE also represented the seller, an unnamed local developer.
“Our team was also involved with the seller throughout the construction and lease-up period and advised and oversaw the process over the last four years to a successful execution of the sale,” Goldstein said in a statement.
The 38-unit property was built in 2019 and has 17,000 square feet of ground-level retail space. Tenants at the retail space include Universal Bank and Tap Lounge.
The property also has a courtyard, guest parking and EV charging stations.
“This is an extremely rare opportunity for the buyer to own a trophy asset in Downtown Arcadia,” Chen said in a statement. “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.”
The San Gabriel Valley multifamily market has been doing notably well. The vacancy rate in the area this year is 1.7%, compared with 3.2% the previous year, according to CBRE data. The average market rent in the area this year is $1,771 compared with $1,658 last year, representing a 7.2% increase in rent.
The area also saw multifamily properties' assessed value grow to $22.3 billion compared with $20.8 billion the previous year, according to CBRE.