Sperry Van Ness is pleased to announce the sale of 250 E Foothill Boulevard, an approximately 6,000 square foot building built in 1911. Terms of the deal are not public.
The Property: 250 E Foothill Boulevard, Azusa, CA. The Los Angeles County Assessor’s office listed the building as 7,396 square feet on approximately 8,831 square feet of land. However, upon subsequent measurement, it was found that the building is closer to approximately 6,000 square feet. The building was built in 1911 and was listed by the City of Azusa as an historical building due to its age.
The Challenges: The previous tenant was operating a pawn shop under a conditional use permit that expired, leaving the property owner with a vacant building. The owner decided that it would be better to dispose of the asset rather than try to fix it up and lease it. However, the owner was not aware that the City had placed the building on the “City of Azusa Historic Property Survey List” in 2001. This designation prohibited the owner or a buyer from demolishing the building and constructing a new one.
Also, a Phase I environmental report in 2008 indicated the existence of potentially environmental issues with the existence of a hydraulic hoist. The owner decided that it would be in his best interest to remediate the situation before entering into a contract to sell. Given that the owner was located some 150 miles away from the property, Sperry Van Ness was able to coordinate the activities of the environmental contractor and the repair of the ten foot door in order to allow access to the interior.
Sperry Van Ness fielded several low-ball offers that did not seem to be in the best interest of the seller. With patience and persistence, we were able to find the right buyer and close the deal in 30 days.
The Broker: Ken Rhinehart, Senior Advisor
Lessons Learned: Trust your commercial property to a commercial specialist. If you own a retail property, you want a retail specialist, not a generalist.
No deal is too small, and sometimes, even a small deal can present obstacles that require the careful attention to detail and experience that only a knowledgeable commercial specialist can provide.
The client’s needs come first. It would have been much easier to take one of the initial low-ball offers and be done with the deal, but we persisted and ultimately found a buyer willing to pay the highest price. The client’s needs come first.