Calbay Development Buys 26,000-Square-Foot Retail Property in Metro Los Angeles

Alhambra, Calif. — Calbay Development has purchased the fee interest in a freestanding retail building along Valley Boulevard in Alhambra, about 9 miles from Los Angeles. Office Depot formerly occupied the 26,000-square-foot property, which offers 98 parking stalls and prominent visibility and signage on Valley Boulevard. Calbay acquired the property as a value-add opportunity and is in late-stage negotiations with a national retailer to lease the entire space. Bill Asher and Jeff Lefko of Hanley Investment Group brokered the transaction.