Buchanan Looks to Secondary Markets for Yield

The Gateway Corporate Center is a two-building 162,339-square-foot property.

LOS ANGELES—Buchanan Street Partners has purchased the Gateway Corporate Center in Diamond Bar from Cornerstone Real Estate Advisers, an affiliate of an institutional buyer. The sales price was not disclosed, however, sources unrelated to the deal say that the investor purchased the property from $44 million. While this is Buchanan’s first Diamond Bar purchase, it knows the surrounding areas well and was attracted to the purchase for the strong location.

“This submarket is historically very stable and remains well occupied relative to other submarkets in Los Angeles, and we think that is largely a function of its central location and the ability of employers to draw employees from a lot of different areas surrounding this property, whether it is from L.A. County, Orang County or the Inland Empire,” Chris Herthel, SVP at Buchanan Street Partners, tells GlobeSt.com. “That is what initially attracted us and we don’t think that will change in the future. We have been active in this market, and we will continue to look for additional opportunities.”