Jeff Ma Purchases Office Asset From Cathay Bank For $3.85M In Alhambra

The asset involved in this transaction is an office property located at 301 West Main Street in the Alhambra market. The sale price of the property was $3,850,000, with a gross square footage of 36,241, resulting in a price per square foot of $106.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $3,850,000
• Buyer: Jeff Ma
• Seller: Cathay Bank
• Buyer's Representative: Tony Lao - Huntington Realty Group Co.
• Seller's Representatives: Jay Martinez & Austin Mudd - Kidder Mathews
• Note from Seller's Rep: Deferred maintenance - 100% vacant.
• Closing Terms: 7 day close, no contingencies.
• Offers Received: 16 offers from competitive marketing campaign.

The transaction was facilitated by Tony Lao representing the buyer, Jeff Ma, while the seller, Cathay Bank, was represented by both Jay Martinez and Austin Mudd. The competitive nature of the marketing strategy resulted in a substantial number of offers, highlighting the interest in the asset despite its condition and vacancy status.