Harry Hill Mitsubishi opened recently in West Covina, replacing Bianco and Associates’ Volkswagen franchise at the East Garvey Avenue site.
Harry Hill Volkswagen will merge with the firm’s Harry Hill Volvo on Citrus Avenue in Covina, fleet manager Jerry E. Tomeo said. Both dealerships will remain open during the transition, which is expected to be completed by Nov. 15.
The Mitsubishi line is expected to generate “substantially more” than the $40,000 in sales tax revenue that Bianco Volkswagen had brought in, Tomeo said.
A Japanese real estate company has purchased a 200,000-square-foot office building in Pasadena for almost $40 million.
The sale of the 10-story building at Colorado Boulevard and Lake Avenue is probably the largest so far in the region, said Adrian Goldstein, a broker at Cushman & Wakefield in Los Angeles, which represented Tokyo Tatemoto in the deal.
Trammel Crow had placed the 6-year-old building, which is 90% leased, on the market early this year, Goldstein said. The Japanese company had been looking for an investment offering “preservation of capital and stability of market,” he added.
The buyers, making their first investment in the United States, were impressed by a combination of characteristics in Pasadena, including its slow-growth policies and its business base, Goldstein said. Along with the larger structure, Tokyo Tatemoto acquires the three-story, 27,000-square-foot Lieberg Building next door.