Blackstone shopping 164,000 sf campus on 12 acres in Monterey Park

NGKF is looking to foreign buyers for the buildings, which sources say are worth $35M

Jun.June 29, 2016 04:09 PM

Blackstone Group is shopping a 164,007-square-foot office campus on almost 12 acres of land in Monterey Park.

It expects roughly $35 million from the two-building sale, sources told The Real Deal — a steep profit from the roughly $12.6 million sale price it paid SL Green for the property in 2014.

The buildings, dubbed the Los Angeles Corporate Center, sit at 1200 and 1255 Corporate Center Drive in the San Gabriel Valley, which has seen an influx of foreign investment in recent years.

Newmark Grubb Knight Frank’s Sean Fulp, Brunson Howard and Kevin Shannon have the listing.

Los Angeles Corporate Center is 98 percent occupied. The largest tenant in 1200 Corporate Center is healthcare company SynerMed, while the largest tenant in 1255 Corporate Center is the County of Los Angeles Fire Department, which occupies 47 percent of the building. Linda Lee, Bill Boyd and Charles Unger of Charles Dunn lease the property.

Monterey Park is part of a cluster of cities with a growing Asian-American population, including Alhambra, Arcadia, Temple City, Rosemead, San Marino and the West San Gabriel Valley, according to NGKF. Half of its residents are of Chinese descent. In fact, Monterey Park represents the largest concentration of Chinese Americans of any municipality in the United States.

“The Monterey Park location provides a unique opportunity to position this campus as a strategic investment for a local or foreign investor,” Fulp said in a statement. “Downtown Los Angeles has experienced the greatest level of foreign investment in all of Southern California, and Monterey Park is pretty close. It’s less than six miles from Downtown, so it’s very likely that Monterey Park will directly benefit from the demand spillover as Downtown gets built out.”

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