CBRE Announces Sale of New Mixed-Use Residential and Retail Project to Overseas Investor for $39.2 Million

Published on Nov 9, 2021

A private investor from Taiwan has purchased a mixed-use residential and retail property at 57 Wheeler Ave. in Arcadia for $39.2 million.

CBRE, the firm that brokered the sale, said Joyce Goldstein, Director for Los Angeles, and Eric Chen, Senior VP for Ontario, represented the buyer in the transaction.

The property is one of the few mixed-use projects in Arcadia that has traded in the past five years. It was completed in 2019 and 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 BBQ area and courtyard, ample guest parking, storage spaces and EV charging stations. Apartment features include double vanities, stainless steel appliances, hardwood floors and in-unit washers and dryers. CBRE said the property sits in a prime transit-oriented location within walking distance to the Metro Gold Line, retail and restaurants.

“This is an extremely rare opportunity for the buyer to own a trophy asset in Downtown Arcadia,” Chen said. “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 CBRE team also represented the seller, a local developer, the company’s statement said.

“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.

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