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Nome Ventures Buys 171k sf Office Building in Cerritos

7/23/20

Nome Ventures, out of the Bay Area, purchased Cerritos Center Court, a 171k sf, Class A office building in Cerritos. Located at 17777 Center Court Drive, the eight-story, building is situated in the heart of the 125-acre, master-planned Cerritos Central Business District.

Although the price was not immediately disclosed, we can tell you that the acquisition was financed with a new loan for $26.7 mil. The transaction was a leasehold sale as the building sits on a long-term ground lease owned the City of Cerritos with over 66 years of remaining term. The asset was sold by an undisclosed institutional investor.

The property was 98% leased at the time of sale and has experienced high tenant retention since it was constructed in 2002. Cerritos Center Court was renovated in 2018 and features fully upgraded lobbies, corridors, restrooms, EV charging stations and 680 parking spaces. The building is adjacent to SR-91, a major freeway that connects Cerritos to Los Angeles, Orange and Riverside Counties.

Todd Tydlaska, Sean Sullivan, Mike Longo, Anthony DeLorenzo and Mark Shaffer of CBRE represented the seller in the transaction. Nome Ventures was self-represented. Greg Grant of CBRE’s debt and structured finance group arranged the financing.

“Cerritos Center Court is an outstanding asset with a history of institutional stewardship,” said Tydlaska. “The recent renovations by EQ Office, which totaled over $2 mil, provide the buyer with a beautiful and stable income-producing asset, which will continue to outperform the submarket in terms of rate and occupancy.”

Cerritos is part of the Mid-Counties office market, which has averaged a 9.9% vacancy rate over the last ten years, outperforming the Greater Los Angeles vacancy rate by 498 basis points and the Orange County vacancy rate by 203 basis points.





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