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3/19/19
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Norman International Inc, a family-owned packaging company, purchased a 22.3k sf office building in La Palma. The single-story building, located at 28 Centerpointe Dr, was sold by Greenlaw Partners and Westbrook Partners.
The building is part of the larger Centerpointe La Palma campus with a tenant roster that includes Samsung, Kaiser Permanente and GE Healthcare. The building, which was constructed in1986, was vacant at the time of sale. It sits on 1.56 acres of land in a campus setting that includes 81 surface parking stalls.
Adjacent to the CA-91 freeway and two miles from the I-5 freeway, the property is in a gateway location that provides easy access to the labor pools in the Los Angeles and Orange counties. The Centerpointe La Palma campus includes numerous on-site amenities, such as Venus Spa Salon, A’Roma Ristorante, Orange Meditation and Cachi Café. The property is located within three miles of the area’s most significant amenities: the Cerritos Towne Centre and the Buena Park Entertainment Zone.
CBRE’s Anthony DeLorenzo, Gary Stache and Doug Mack represented the seller in the transaction. The price was not disclosed.
"This asset provides the ideal location for a corporate headquarters for an owner-user seeking lease stability,” said DeLorenzo. “This sale provides the buyer protection against future rental market uncertainty and rate hikes, as well as after-tax equity accumulation. Orange County was among the top investment markets in the Americas in 2018, and this transaction reflects the continued promise in the region.”
A recent survey of commercial real estate investors ranked Los Angeles as the top target among Americas metros in 2019, a position it has kept for the past four years, according to CBRE’s 2019 Americas Investor Intentions Survey.
According to the CBRE North America Cap Rate Survey, Orange County came in in 4th and Los Angeles in 5th for Class A office properties located in central business district, featuring cap rates between 4.5% to 5.5%, following San Francisco, New York City and Seattle. Class A suburban office properties cap rates placed the OC in 3rd and Los Angeles in fourth place.
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