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Office campus in Monterey Park acquired for $24.9M residential conversion
The 120,191-square-foot, two-building site was built in 1980 and formerly housed Blue Shield of California.
ConnectCRE says NAI Capital Commercial executive managing director Ryan Campbell, SIOR, represented The Olson Company in its $24,850,000 acquisition of an office campus spanning 7.9 acres at 601 Potrero Grande Dr. and 2100 Saturn St. in Monterey Park.
The campus includes two office buildings totaling 120,191 square feet. The buyer plans to redevelop the property into a new residential community, according to ConnectCRE.
The site was originally built in 1980 and was previously owned and occupied by Blue Shield of California. Andrew Harper, Jeff Bramson, and Will Poulsen of JLL represented the seller.
Campbell said the deal reflects an ongoing shift toward repositioning well-located office properties into needed housing in the San Gabriel Valley, calling large infill redevelopment opportunities increasingly rare.