Lee & Associates-Pasadena recently closed a deal for the Royale Oaks Offices Building, located at 1272-1274 Center Court Dr. in Covina, in an all-cash sale for $4,028,000. Represented by principals Jamie Harrison and Christopher Larimore of Lee & Associates – Pasadena , the property was sold near its asking price to an international investor at a 4.1% cap rate.
Located in the Village Oaks Business Park, Royale Oaks is 19,300 square feet across two buildings and was 81.55% occupied when it sold . Previous ownership had renovated with new exterior staircases , paint , and landscaping .
“Given increased debt cost we focused on finding an all-cash buyer,” said Harrison . “We were able to secure an international investor interested in deploying capital into San Gabriel Valley office market within 60 days from opening escrow.” The transaction concluded quickly due to its cash nature allowing both parties involved to close without delay or complications .
