X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CERRITOS, CA-Principal Real Estate Investors of Des Moines, IA has acquired the five-building Cerritos Towne Center office complex of nearly 462,000 sf from Chicago-based Equity Office Properties Trust. Terms of the deal were not disclosed in the sale announcement, but a public filing by Equity Office listed the sales price at $114 millon.

The five class A buildings that compose Cerritos Towne Center were developed in stages from 1989 to 1998 by Torrance-based Transpacific Development Co. The complex consists of two seven-story multi-tenant towers and three two-story single-tenant buildings, with an occupancy rate of 94%. Major tenants include AON Service Corp. and Delta Dental.

The Cerritos location is close to Orange County and next to a network of highways that provide access to communities across Los Angeles and Orange counties, points out Mark Hanrahan, managing director for Principal Real Estate Investors. The office complex is part of a larger disrict of office, retail, hotel and other developments that form a city center in Cerritos, including the Cerritos Center for the Performing Arts.

All of the commercial properties at Cerritos Towne Center are on ground leases with the City of Cerritos. Among the commecial properties is the 203-room Sheraton Cerritos Hotel, which Transpacific developed in 1990. It later sold the eight-story hotel to Sunstone Hotel Investors.

The Principal Real Estate Investors acquisition of the Cerritos Towne Center complex was brokered by Bill Palmer of the Sacramento-based Palmer Team. Equity Office has said recently that it plans to dispose of between $3 billion and $3.5 billion of assets.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.