CBRE Brokers $35.6 Million Sale of Cerritos Towne Center Office Portfolio

CBRE facilitated the $35.6 million sale of the Cerritos Towne Center portfolio, encompassing 328,840 square feet across three addresses: 12750 Center Court, 17785 Center Court and 17871 Park Plaza in Cerritos, Calif. Nome Capital Partners acquired the property.

CBRE’s Mark Shaffer, Anthony DeLorenzo, Sean Sullivan, Grant Goldman, Mike Longo and Melissa Moock, along with Colliers’ Todd Tydlaska, advised the receiver, Ryan C. Baker of Verax Business Group, in the transaction.

"By deploying a comprehensive marketing campaign, we generated significant interest, including a robust number of first-round offers for the ground-lease of the portfolio, which drove a highly competitive, multi-round bid sales process," said Goldman, associate at CBRE. "This strategy successfully leveraged market demand to secure premium pricing for the asset. CBRE's integrated platform assisted the buyer in obtaining acquisition funding, showcasing our full-service approach to complex transactions."

The property boasts a highly diversified rent roll, with 87% occupancy leased to a mix of government, finance, healthcare and professional service tenants. Developed in three phases between 1989 and 1998, the property is strategically located in the Mid-Counties submarket. The properties benefit from access to Interstate 605 and State Route 91.

Greg Grant and Pete Obradovich from CBRE’s Debt & Structured Finance practice secured the buyer's acquisition loan.

"There's been a noticeable surge in lender interest in the office financing space, particularly for experienced sponsors who have a clean slate on their investment basis. The decisive factor in securing the financing was the proven track record of Nome Capital Partners,” added Grant, senior vice president at CBRE.

The Mid-Counties submarket demonstrates resilience in the current office market, with vacancy rates significantly below the greater Los Angeles average. According to CBRE research, Mid-Counties have a vacancy rate of 5.65% in Q3, defying the rising vacancy trends seen across much of the region and nation.