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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.