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9/29/16
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Black Equities has purchased Cerritos Corporate Center, a seven-building, 452.6k sf industrial park in Cerritos, for $62 mil ($137/sf). The asset was sold by Angelo, Gordon & Co. and Crownsnest Properties.
Cerritos Corporate Center is located at 13810-13950 Cerrito Corporate Dr, in Los Angeles' Mid-Counties submarket with access to several Interstates, and is situated roughly 16 miles from Long Beach International Airport, 28 miles from LAX and 20 miles from the Ports of Long Beach and Los Angeles. Recent renovations at the property include landscaping, upgrades to the façade, windows and doors, and many of the buildings have been equipped with energy efficient lighting.
The institutional-quality property is 96 percent leased to 14 tenants. These include packaging company Tricor Braun, Record Xpress, a record retrieval and document management company, and medical products company Biospace which uses Cerritos Corporate Center as its North American headquarters.
CBRE’s Darla Longo, Barbara Emmons, Rebecca Perlmutter, Michael Kendall and Brett Hartzell represented both parties in the transaction. Scott Murphy handled the transaction in house for Black Equities.
“The Mid-Counties area has one of the lowest vacancy rates in the country,” said Longo. “There are strong barriers to entry in this market due to the lack of available land, and there hasn’t been a new multi-tenant construction in the market since 2007. This bodes well for rent growth as the existing inventory is absorbed.”
The Mid-Counties industrial market realized its sixth consecutive year of gross absorption in excess of 7 msf in 2015, a year that also marked the fourth consecutive
12-month period of positive net absorption at 1.9 msf.
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