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2/03/16
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Buchanan Street Partners has purchased Gateway Corporate Center, a two-building, 162.3k sf office complex in Diamond Bar. The property, located at 21680 and 21688 Gateway Corporate Center Dr, south of Golden Springs Dr and east of the 57 Fwy, at the intersection with the 60 Fwy, was sold by Cornerstone Real Estate Advisers LLC, on behalf of an institutional investor.
Gateway Corporate Center is 94 percent leased to high credit tenants and benefits from institutional quality construction, efficient floorplates and ample parking. Buchanan Street will implement a proactive replacement program for several of the major building systems along with targeted aesthetic enhancements to the buildings’ lobbies, corridors and elevators.
The acquisition reflects Buchanan Street’s ongoing investment strategy in the West, where the Newport Beach-based investor is actively buying core-plus and value-add office properties in growing markets. Accoridng to Buchanan Street Partners SVP Chris Herthel, the firm sees the purchase as an opportunity to capitalize on a property that generates strong cash flow and is located in a stable and well established submarket that attracts both Fortune 1000 companies as well as smaller entrepreneurial firms.
Jeff Cole and Ed Hernandez of Cushman & Wakefield represented both Buchanan Street and Cornerstone in the transaction. The price was not disclosed.
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