ALHAMBRA, CALIF. — Manhattan Beach-based Calbay Development has purchased the fee interest in a freestanding retail building along Valley Boulevard in Alhambra. Terms of the transaction were not released.
Situated on 1.5 acres, Office Depot formerly occupied the 26,000-square-foot asset. The property also offers 98 parking stalls and prominent visibility and signage on Valley Boulevard.
Calbay acquired the property as a value-add opportunity and is in late-stage negotiations with a national retailer to lease the entire space.
Bill Asher and Jeff Lefko of Hanley Investment Group brokered the transaction.