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9/23/15
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Cerritos Tower, a 184.2k sf office tower in Cerritos, traded hands in a recent transaction valued at $30.5 mil, or about $166/sf. The building was purchased by a partnership between The Koll Company and Rialto Capital Management.
Developed in 1986, the nine-story asset is located at 18000 Studebaker Rd, south of the 91 Fwy and adjacent to the east side of the 605 Fwy. The recently renovated, elevator-served multi-tenant office property was sold by Boston, MA-based Winthrop Realty Trust.
Cerritos Tower combines architecturally distinctive design with exceptional functionality. Included in the sale was a dedicated parking structure providing the property with an ample parking ratio of approximately 4.13 stalls per 1,000 square feet.
The tower is ideally situated in the Mid-Counties submarket and offers high visibility and prestige for a prominent tenant base, as well as easy access to and from the adjacent San Gabriel River (I-605) Freeway and the Riverside (SR-91) Freeway. Numerous amenities are within walking distance including the Best Plaza Shopping Center and Los Cerritos Center shopping mall, both of which are currently undergoing multi-million dollar renovations and re-tenanting projects.
Currently leased at 74 percent, Cerritos Tower provides the new investor the unique opportunity to acquire a Class A, institutional quality high-rise and enhance cash flow through continued improvement of the real estate and lease up of remaining vacancy. Tenants at the property include Premier Business Centers.
CBRE Vice Chairman Kevin Shannon, along with Paul Jones, Ken White and Blake Bokosky, represented the seller in the transaction.
“Over the past eighteen months Winthrop had put over $1 mil in capital improvements into the property, which created a turnaround with the leasing activity,” said Jones. “Koll and Rialto are planning to spend even more money on renovating the building to make it one of the premier office towers in the immediate area.”
CBRE Debt & Structured Finance experts Val Achtemeier and Brett Green secured the debt for the buyer. This sale is the second transaction this CBRE team has closed in the City of Cerritos within the past two weeks – they also completed the sale of Carmenita Corporate Plaza, a single tenant office building located less than four miles away, as reported by RENTV at the time.
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