Real Estate
Home›Real Estate›Commercial›Office campus tied to Blue Shield of CA to be converte…
Office campus tied to Blue Shield of CA to be converted to housing
The $24.9 million purchase covers 7.9 acres with two office buildings totaling 120,191 square feet in Monterey Park.
NAI Capital Commercial executive managing director Ryan Campbell, SIOR, represented The Olson Company in its $24,850,000 acquisition of a 7.9-acre office campus at 601 Potrero Grande Dr. and 2100 Saturn St. in Monterey Park.
According to ConnectCRE, the campus includes two office buildings totaling 120,191 square feet. The buyer plans to redevelop the property into a new residential community.
The site, originally built in 1980, was previously owned and occupied by Blue Shield of California. Campbell said the deal reflects an ongoing shift in the area toward repositioning well-located office assets into housing and that large infill redevelopment opportunities are increasingly rare.
Campbell added that the campus size and location make it well-suited to deliver new housing while transforming an underutilized office property into a residential community. JLL represented the seller, with Andrew Harper, Jeff Bramson, and Will Poulsen on that side of the transaction.