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CERRITOS, CA-Jamison Properties of Los Angeles has acquired the 187,104-sf Cerritos Corporate Tower from ZMI Real Estate of Newport Beach for $49.3 million, according to CB Richard Ellis. The nine-story class A office building occupies a 4.23-acre site just east of the 605 and 91 freeways.

Louay Alsadek of the San Diego office of CB Richard Ellis tells GlobeSt.com that the deal also included an adjacent four-level parking structure. Both Jamison and the seller were represented by a CB Richard Ellis team including Alsadek, Kevin Shannon of the company’s South Bay office, Simon Dillon of the Newport Beach office and Mark Friend of Anaheim.

The Cerritos Corporate Tower, which was 96.5% leased at the time of the sale, was built in 1986 and has been well maintained, according to Alsadek. All of the common areas on the multi-tenant floors and main lobby were renovated in 2004 and 2005, updating the lobby with polished granite, marble and brass.

The office tower, which the seller had owned for about four years, offers a centralized location with an abundance of nearby retail and service amenities. Los Cerritos Shopping Center, a regional mall just south of 183rd Street, and Best Plaza Center are both located within walking distance of the property.

The property drew strong interest from more than a dozen prospective buyers, including a variety of institutional and private investors. Winning bidder Jamison is one of the largest commercial landlords in Southern California, with a portfolio of more than 20 million sf of office, medical office, multifamily and retail assets.

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