The deal sets a record, marking the highest price per square foot sold in Monterey Park this year for a retail building larger than 1,500 square feet, according to real estate services firm Lee & Associates Commercial Real Estate Services.
Christopher Larimore and Dan Bacani, principals at Lee & Associates in Pasadena, represented both the buyer and the seller in the transaction.
“It’s because of the market,” Larimore said of the record-setting price. “It’s the highest comp in the area for now due to demand, and lack of product and location really drove it. We had the right buyer at the right time who saw the potential and the need for it and was willing to pay a premium for it.”
The building is near East Los Angeles College, in a part of town that attracts a lot of foot traffic, according to the brokerage.
The property has restrooms and a large, private parking lot. It formerly housed a pet supply store but has been vacant for a long time.
Larimore said the new tenant, who is a local resident, would create a hair salon at the space and “bring some life into the community.” He added, “It’s a good thing for the city overall.”
Larimore said he expects the hair salon to open at the location in four to six months.
“This single-tenant, stand-alone retail property is ideal for business owners in need of limiting potential exposure to their customers and employees while still conducting business in our Covid-19 world,” Bacani, who also brokered the transaction, said in a statement.
Larimore said that despite the pandemic, Monterey Park was a good place to be investing in real estate due to its pricey homes and middle- to upper-middle-class population. Retail in the area, he said, had taken a small hit, “but overall (prices have) maintained.”
