WEST COVINA, CA-Cornerstone Real Estate Advisors of Hartford has acquired a 174,065-sf office complex called the Lakes from Los Angeles-based Ten West Associates LLC for $58 million, according to Madison Partners. Bob Safai, principal at L.A.-based Madison, reports that Cornerstone bought the property on behalf of a Los Angeles pension fund client.

The Lakes complex consists of twin L-shaped, multi-tenant, class A buildings at 1000 and 1050 Lakes Dr. Safai says that Cornerstone was one of nine bidders on the property, which closed at a 5.5% cap rate.

The complex was 98% occupied at closing. The tenant roster includes Wells Fargo Bank, one of the largest tenants at the complex, which recently renewed its lease.

The Lakes complex sits on a site of nearly 6.2 acres of extensively landscaped land, which includes two man-made lakes surrounded by a lawn and fountains. The twin four-story buildings were built in 1990.

According to Safai, the San Gabriel Valley has been gaining momentum as a hot market for investment properties and the Lakes complex is the top office asset in that market. With its location close to major transportation routes, West Covina gives residents access to regional, national and international markets. Safai notes that vacancy rate in the San Gabriel Valley office submarket stands at approximately 7%.

Safai says that part of the popularity of the San Gabriel Valley submarket is that it offers “the amenities of a big-city location without the traffic congestion and high cost.” The Lakes occupies a landmark location along the Interstate-10 Freeway, 20 minutes from Ontario International Airport and 30 minutes from the Burbank-Glendale-Pasadena Airport.

The Lakes office complex is also located close to the Lakes Entertainment Center, which is home to a host of restaurants. The office property is also adjacent to the 1.26-million-sf Westfield Mall and Edwards Theatre.

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