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December 13, 2017
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Diamond Bar Office Asset Traded in $28 Mil Deal

7/18/17

Bridgegate Plaza, a three-story, 135k sf office building in Diamond Bar, was purchased by Irvine-based Great Far East. Although the transaction price was not given out, local pros we spoke to are estimating a deal value of around $28 mil, or $208/sf.

Constructed in 2002, the Class A property is located at 1440 Bridgegate Dr. It features 5:1000 parking and offers immediate access to both the 60 and 57 freeways. The property, which also boasts a stone lobby ands sky-lit atrium, was 78% leased at the time of the acquisition with major tenants including QTC and Insperity.

CBRE’s John Bibeau and Steven Saunders, along with Jeff Cole and Ed Hernandez of Cushman & Wakefield, represented the seller. Great Far East, a full-service real estate development and management company that has developed over 32 msf of real estate, represented itself in the transaction with CBRE providing underwriting support. CBRE has also been retained as exclusive listing agent by the new owner.

“Located at the intersection of Los Angeles, San Bernardino, and Orange counties, Bridgegate Plaza provides tenants unparalleled access to Southern California, a highly educated labor pool, affordable employee housing options, and numerous amenities,” said Bibeau. “This property also provides investors the opportunity to acquire a sizable institutional-quality asset with solid anchor tenancy and tremendous value-add potential.”






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