MONTEREY PARK, CALIF. (Oct. 19, 2022) – Coldwell Banker Commercial George Realty is pleased to announce that it represented both the buyer and seller in the sale of 507 N Chandler Ave., three single-story buildings comprising 7,200 square feet on a 1.3-acre parcel in Monterey Park. The sale price was $8.5 million.
The property is the former site of Happy Day Preschool, which was in operation for 75 years. Broker Shumei Kam, who facilitated the entire transaction, said the buyer is a private investor who is considering a mixed-use development of 72 condominiums and 10,000 square feet of commercial space on the first floor, subject to city approvals.
“This is the right location for a mixed-use project, located within walking distance to retail stores and entertainment,” said Kam. “Happy Day Preschool was a famous landmark of Monterey Park, and I am confident that this property’s next incarnation will also be an integral part of the community.”
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About Coldwell Banker Commercial Affiliates
Coldwell Banker Commercial George Realty, an affiliate of Coldwell Banker Commercial®, provides commercial real estate solutions serving the needs of owners and occupiers in the leasing, acquisition and disposition of all property types. With a collaborative network of independently owned and operated affiliates, the Coldwell Banker Commercial organization comprises almost 200 companies and more than 3,000 professionals throughout the U.S. and internationally. For additional information, visit www.cbcworldwide.com.
Kevin Guhl, email@example.com