Edward Pelenghian Purchases Retail Property On South Mount Vernon Avenue From Bing Udinsky For $10M

The property asset involved in this transaction is a retail space located at 1035 South Mount Vernon Avenue in Colton. The sale price was $10,000,000 for a total square footage of 47,090, resulting in a price per square foot of $212.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $10,000,000
• Address: 1035 South Mount Vernon Avenue
• Market: Colton
• Square Footage: 47,090
• Price per Square Foot: $212
• Buyer: Edward Pelenghian
• Seller: Bing Udinsky
• Brokers: Orbell Ovaness, Ivan Prochko & Ara Rostamian - Marcus & Millichap

The Ovaness-Rostamian Group facilitated the transaction, assisting two family offices in meeting their investment goals. The property's location is advantageous for the buyer's planned value-add strategies.