The five class A buildings that compose Cerritos Towne Centerwere developed in stages from 1989 to 1998 by Torrance-basedTranspacific Development Co. The complex consists of twoseven-story multi-tenant towers and three two-story single-tenantbuildings, with an occupancy rate of 94%. Major tenants include AONService Corp. and Delta Dental.

The Cerritos location is close to Orange County and next to anetwork of highways that provide access to communities across LosAngeles and Orange counties, points out Mark Hanrahan, managingdirector for Principal Real Estate Investors. The office complex ispart of a larger disrict of office, retail, hotel and otherdevelopments that form a city center in Cerritos, including theCerritos Center for the Performing Arts.

All of the commercial properties at Cerritos Towne Center are onground leases with the City of Cerritos. Among the commecialproperties is the 203-room Sheraton Cerritos Hotel, whichTranspacific developed in 1990. It later sold the eight-story hotelto Sunstone Hotel Investors.