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Tallest Building in Arcadia Sells for $25.6M
Arcadia Weekly Feb 06, 2018
The land was originally purchased by the city and sold in smaller parcels to stimulate business development in Arcadia. – Courtesy photo.
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The land was originally purchased by the city and sold in smaller parcels to stimulate business development in Arcadia. – Courtesy photo
By Galen Patterson
The tallest building in Arcadia has been purchased by Positive Investments, Inc. The building, which is home to several Arcadian businesses and anchored by Bank of America, was sold for $25.6 million.
Positive Investments, Inc. acquired the building from Farazian Family Trust in an effort to secure high-profile office space within the City of Arcadia, although the company will not be moving into the building. Positive Investments, Inc. headquarters is located near their newly acquired building at 610 N. Santa Anita Ave.
Among the tenants is former Mayor of Arcadia Jim Helms of Helms & Meyers, a local law firm. Helms was a member of City Council in 1972, when the building was constructed. The city purchased large amounts of land from Santa Anita, and parceled the land out into smaller, more manageable packages to help bring development into Arcadia in the 1970s. “The function of this was to bring business into downtown Arcadia,” said Helms. “I think they have succeeded in that.”
Helms, a tenant of the 6th floor in the eight-story building, said his law firm chose the 6th floor of the building, because at the time six floors was the maximum extension of the local firefighting equipment.
Representatives from Positive Investments, Inc. said the location of the property has many desirable features, such as an excellent proximity to the 210 Freeway, a clear view of the Santa Anita Racetrack, and is just a short walk from downtown Arcadia and Arcadia Park.
The building amounts to 83,250 square feet of space and is currently 97 percent occupied.
Positive Investments, Inc. plans to keep the structure relatively intact, with expected renovations in the building’s lobby and office spaces as they become available. The company does not have plans for the exterior or open lot space yet, but Avison Young Broker Mark Evanoff said “the property is situated on an over-sized, developable lot that may provide the new owner with potential opportunities to add value in the future.”
According to real estate agency Avison Young , this sale is the first time the building has changed hands in 35 years.
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