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Glendora Office Building Sells for $7M

GLENDORA, CA-Renegotiated lease proves key, enabling buyer to obtain financing. Former single-tenant project will now be marketed as a multi-tenant building.

By Bob Howard | Updated on June 24, 2002

GLENDORA, CA –Developer and investor The O’Donnell Group of Newport Beach bought an 84,053-sf office building from Sherman Oaks-based developer The Ulhmann Office for $6.75 million in a deal that hinged on the renegotiation and renewal of a lease with the property’s existing tenant.

“We were able to renegotiate a 10-year lease with an existing tenant that had occupied the whole building, and the new owner will now market the rest of the building as multi-tenant,” broker John Minervini ofCushman & Wakefield tells GlobeSt.com. Minervini headed a C&W team that represented the seller of thetwo-story, concrete tilt-up building, which is located at 2100 Route 66, about a mile north of the Foothill Freeway.

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