Rising Realty Sells Mixed-Use Development in LA County
Majestic Asset Management bought the property for more than $70 million: source
By Greg Cornfield September 7, 2022 6:35 pmreprints
Rising Realty Partners has flipped an office and industrial property with nearly 250,000 square feet in eastern Los Angeles County about 18 months after acquiring it.
Rising announced the sale but declined to share the sales price or the name of the buyer. But a source familiar with the deal told Commercial Observer that Majestic Asset Management bought the property for more than $70 million.
Majestic did not immediately return a request for comment, but the property in El Monte, Calif., is already listed with its portfolio on the company’s website.
Rising bought the property from Charles Company in February 2021 for $41 million, records show. The property’s 163,000-square-foot office component is fully occupied by County of Los Angeles government services under a long-term lease. The property management arm of Downtown L.A.-based Rising will continue to manage the site after the sale.
The development was built in 1975 at 9320 Telstar Avenue on nearly 8 acres in El Monte in the San Gabriel Valley, east of the city of Los Angeles. It was renovated in 2001 to include 163,000 square feet of office. After acquiring the property in 2021, Rising implemented a series of improvements, including office renovations, warehouse buildout and new HVAC systems. The company is currently installing new electric vehicle charging stations and solar panels.
“Executing our impact investment strategy, 9320 Telstar jumped from 72 percent leased at acquisition to 100 percent leased at its sale,” Christopher Rising, co-founder and CEO of Rising, said in a statement. “This was an opportunistic deal and represents how our ‘impact creates alpha’ philosophy can extend to and benefit properties with industrial components.”
CBRE’s Michael Longo, Todd Tydlaska, Sean Sullivan, Darla Longo, Will Pike, Melissa Moock, Anthony DeLorenzo and Mark Shaffer represented Rising in the transaction. It was not immediately clear who represented the buyer.
Gregory Cornfield can be reached at email@example.com.