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.

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