BH Properties Exits an Office Building.
Olson Homes just bought a 2004 Office Building in Monterey Park to Tear Down and Build Homes.
At a glance
confirmed, closed Aug 1 2026
per SF of lot
1.38 acres total
28,827 gross SF
1.38 acres, S-P zoning
3-story Class B office
building fully vacant
above ULA threshold
Seller: BH Properties, LLC (recorded: BHE 601 Potrero Grande LLC)Buyer: Olson Homes (SFR infill developer, Seal Beach CA)
What matters
- $7.95 million on August 1.This is a two-property portfolio. Sale condition is redevelopment. Proposed use is single-family.
- 28,827 SF of Class B office. Built 2004.Three stories. $276 a foot on the building. $132 a foot on the land. SOLD FOR LAND VALUE.
- The buyer is Olson Homes out of Seal Beach.The seller is BH Properties, BHE 601 Potrero Grande LLC. They held it 51 months. Ryan Campbell at NAI Capital was on the buy side. Andrew Harper, Jeff Bramson, and Will Poulsen at JLL listed it.
- No GRM. No cap. No asking price on the file.The $7.95 million is an allocated number, not a standalone ask-to-close. I do not have the other property in the portfolio.
The Location
2100 Saturn St sits in Monterey Park, a dense, predominantly Asian-American suburb that hugs the eastern edge of the City of Los Angeles in the San Gabriel Valley.
For a single-family infill developer, it works even better: the 1-mile median household income is $101,534 and the 3-mile population is 229,034.
Olson Homes has spent 37 years finding exactly this kind of pocket.
The Setup
The building is a 3-story, 28,827 SF office, built in 2004 on a 60,113 SF lot. Surface parking: 125 stalls.
What an Operator Sees
Olson Homes paid about $7.95 million on August 1 for BH Properties' 2004 Monterey Park Class B office — 28,827 square feet that sold as redevelopment for single-family. Roughly $276 a foot on the building and $132 a foot on the land. Fully vacant. No GRM, no cap, allocated in a two-property portfolio.
A homebuilder does not underwrite office NOI. They underwrite dirt and entitlements.
For SGV office owners, the second-order signal is the buyer type: when the clearing bid is Olson tearing it down for houses, your "office comp" is already a land residual. Nearby Class B holders should stop marking basis off building-SF and start asking what a production homebuilder will pay for their dirt.
I research these transactions to sharpen my own investment strategy and share what I find so Los Angeles owners, brokers and investors can debate the market with better information.
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Listing / brokerage: JLL (Andrew Harper). Image via Google Satellite Imagery. Property and transaction data: CoStar Research.
Write to David Safai at David@AtlasBrief.La
Appeared in the Sept. 5, 2026 edition of The Tape.