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6/15/18
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Niagara Water has purchased Bridgegate Plaza, a 135k sf, state-of-the-art office building in Diamond Bar. The asset, located at 1440 Bridgegate Dr, just east of the 57 Fwy and south of GoldenSprings Dr, was sold by Camphor Partners.
Although the price was not disclosed, a local industry pro we spoke to estimates the deal probably fell in the $32 mil - $33 mil range. The three-story, Class A building features a stone lobby, sky-lit atrium and a parking structure.
Constructed in 2002, the asset has immediate access to both the 60 and 57 freeways. The property will be delivered vacant in order for the new owners to take occupancy.
CBRE’s John Bibeau and Steven Saunders represented the seller, Camphor Partners, a privately-held commercial real estate investment and management company with 6.5 msf of assets under management in the U.S. and China. Lee & Associates’ Paul Earnhart and Newmark Knight Frank’s Taylor Ing repped Niagara Water, a bottling company.
“By moving current tenants within the building to other locations, we were able to provide a full building to Niagara Water for their new international headquarters. Bridgegate Plaza held the location, size and parking ratio Niagara Water desired to make the property their new home.” said Landon Wright of Camphor Partners.
“Bridgegate Plaza is located at the intersection of Los Angeles, San Bernardino, and Orange counties; providing unequaled transportation access to the region, a highly educated labor pool, affordable employee housing options, and numerous amenities,” said Bibeau. “This site offered Niagara the rare opportunity to acquire a sizable institutional-quality asset as an owner-user.”
The year started with strong office activity in every Greater Los Angeles submarket, driven in particular by large deals signed by media, entertainment, technology, legal and bioscience tenants, according to Q1 research by CBRE. The market’s positive net absorption marked 24 of the past 29 quarters with gains.
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