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11/08/23
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Plaza Tower, a 191.9k sf, multi-tenant Class A office property in Cerritos, traded hands in a recent transaction. The nine-story property, located at 18000 Studebaker Rd, was purchased by Logos Missions Inc.
Developed in 1986 and renovated in 2015, the elevator-served office building was 84% leased at the time of sale to a diverse mix of tenants including The Oncology Institute of Hope & Innovation, Thermal Engineering, Premier Workspaces and Fremont University.
Plaza Tower is located in the Mid-Counties submarket, situated along the SR-605 Fwy and provides convenient access to major freeways in the region, including I-5, I-405, the 210 Fwy and SR-91.
Kevin Shannon, Paul Jones, Ken White and Brandon White with Newmark represented the undisclosed, institutional seller.
“Plaza Tower is an institutionally owned, Class A tower centrally located between Orange and Los Angeles County that provided an attractive basis and yield,” said Jones. “The building offered the buyer immediate occupancy of the current vacancy, as well as space to meet their future growth plans as existing leases expire.”
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