CBRE Facilitates $14.3 Million Sale of Office Property in La Palma, California

CBRE facilitated the $14.3 million sale ($255 per square feet) of a 56,175-square-foot office property at 20 Centerpointe Drive in La Palma, California. A local private investor acquired the property in a 1031 exchange.

CBRE National Office Partners’ Anthony DeLorenzo, along with Sammy Cemo, Bryan Johnson and Jackson Marlow of CBRE Private Capital Partners, represented the institutional seller.

“The building presented the buyer with a compelling combination of durable in-place income and future upside,” said Cemo, First Vice President at CBRE. “The Orange County office market is experiencing its fundamentals dramatically improving across the board. We expect to see this trend continue with investors coming off the sidelines to buy quality office buildings.”

The single-story property, situated on approximately 3.57 acres, was built in 1988 and includes approximately 194 parking spaces. At the time of sale, the building was approximately 84% leased, with tenants including Convergint Technologies, ISEC Inc. and Telecare Corp.

The property is part of the Centerpointe La Palma campus and features landscaped surroundings, surface parking and access to an association lounge. It is located immediately off State Route 91, with connections to Interstates 5 and 605 and access to both Orange and Los Angeles counties.

According to CBRE research, Orange County’s office market recorded 300,000 square feet of positive net absorption during the quarter. The availability rate declined to 16.5%, vacancy fell to 12.1%, and average asking rates increased to $3 per square foot per month on a full-service gross basis.