GLENDORA, CA – Lee & Associates-LA North/Ventura has transacted the sale of 5 acres of land for the development of the largest apartment community in the city of Glendora, CA, according to Jim Fisher, Mike Smith and John Battle, SIOR, principals of Lee & Associates, who represented the buyers and sellers.
The buyer, Washington, D.C.-based REIT AvalonBay will construct Avalon Glendora, a 256-unit apartment community with 4,000 square feet of ground floor retail space at the northeast corner of E Route 66 and Glendora Avenue. The community will be the first building over 100 units built in the city since 1987.
The groundbreaking for the development took place last month with an anticipated completion date in late 2014.
Additional terms of the sale were not disclosed.
“We received several strong offers,” said Smith, “but we selected AvalonBay because of its proven experience developing quality projects, and, as a REIT, it was not dependent on third-party financing.”
“AvalonBay also has the depth of experience to understand how cities approach projects like this one and the kind of support they need from developers,” Fisher added. “The company was extremely responsive to the city and its needs, and that was key in moving the project through the entitlement process.”
The project, which was approved by the Glendora City Council in May, sits along the pathway of the future Gold Line extension. It will include a children's play area, dog park, basketball courts, pools, patios and a fitness area and club room.
Fisher, Smith and Battle represented the developer in all transactions and the sellers in two of the transactions. Stacy Martin, a senior vice president in Lee’s City of Industry office,also represented the seller of one of the parcels, 512 S Glendora Ave.
About Lee & Associates® - LA North/Ventura, Inc.
Celebrating more than 30 years of leadership in the commercial real estate industry, Lee & Associates®, is the largest broker-owned commercial real estate provider in the nation with 49 offices in California, Arizona, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Maryland, Michigan, Missouri, Nevada, New Jersey, New York, South Carolina, Texas and Wisconsin. Lee & Associates-LA North/Ventura, Inc., a member of the Lee & Associates group of companies, provides industrial, office, retail and multifamily/investment brokerage services across the San Fernando Valley, Conejo Valley, Antelope Valley and throughout Ventura County. Founded in Sherman Oaks in 1994, Lee & Associates-LA North/Ventura now operates four California offices including Calabasas, Ventura County and Antelope Valley. For more information, contact us in the San Fernando Valley at 818.986.9800; in Ventura County at 805.626.1200; or in Antelope Valley at 661.341.3300. Or visit us online at www.lee-associates.com.