Seasons Place Spices Up 1031 Portfolio
Yet another example of Asian investors' appetite for SoCal real estate: Cooper Investors Properties' $43M purchase of Seasons Place, a mixed-use building in the City of Industry. Sperry Commercial's Jim Resha and Grand Realty's Vincent Diau, second and third from left, repped the buyer, which was in a 1031 exchange with a New York property. Jim tells us the New York-based Asian buyers specifically sought a recognizable property in a trade area with Asian demographics. Rounding out the team are Heather Francine, Geri Delrosario, and Darren Diau.
Anchored by a seafood restaurant and a karaoke club, the 90k SF Seasons Place (18508-18588 E Gale Ave) is 98% leased. It has a 10k SF conference facility. STC Center. STC Management's John Hsu and Dalerie Wu repped seller America West Investment. Jim says the buyer also owns office and industrial properties in SoCal. He's looking for additional off-market deals (especially office and retail properties as well as hospitality and industrial) for his client base that includes other high-net-worth foreign investors.