Quest Capital Sells 110,000 SF Office Building to Owner-User

Location: 2934 E. Garvey Avenue S. West Covina, CA 91791

Total Bldg SF: 110,000 SF

Purchase Price: $22,200,000

Quest Capital Partners is pleased to announce its recent disposition of Atrium on the 10, a 110,000 SF office building located in West Covina, CA for $22,200,000.

Located along the I-10 freeway, the property was purchased by Options for Learning, a non-profit focused on affordable child care, early learning and after-school programs. Options intends to occupy the roughly 33,000 SF vacant 3rd floor space for their operations upon completion of the tenant improvements.

Quest purchased the mostly vacant property in 2016 for $8.5m, with a plan to renovate the common areas and lease up the vacancies at market rents starting at around $2.25/sf. Quest spent approximately $3MM restoring the property, however the lease-up proved to be challenging in the sub-market for larger blocks of space from 2018-2019.

In 2020, COVID created additional challenges to the project including derailing a lease with LA County for 23,000 SF. The property was 67% leased at time of sale and was listed 2022 in search of an owner-user buyer. Ownership was represented by Steven Saunders, Phil Woodford, and Sammy Cemo of CBRE, Inc. for the transaction.

“The office sector poses a unique set of challenges for owners in the post-COVID world.  This was a good opportunity to sell to an ideal owner-user buyer in Options for Learning.”

— Ken Leon, Principal of Quest Capital Partners

Quest Capital is a boutique real estate investment firm focused on value-add investment property throughout the western region of the US. Visit quest-capital.com for more information on or email us at investments@quest-capital.com.