CBRE Facilitates Sale of 21,216 Square Foot Office Property in La Palma, Calif

CBRE announced the sale of a 21,216-square-foot office property located at 22 Centerpointe Drive in La Palma, Calif., for $6.025 million ($284 per sq. ft.). The buyer, a local owner-user, acquired the asset from an institutional joint venture.

CBRE’s Anthony DeLorenzo, Sammy Cemo, Bryan Johnson and Harry Su represented the seller in the transaction.

“This transaction reflects the continued demand for well-located, low-rise office assets with strong fundamentals and upside potential,” said DeLorenzo, vice chairman at CBRE. “The property’s strategic location, in-place cash flow, and flexible configuration made it an attractive purchase for the buyer.”

The low-rise office building is situated on a 1.48-acre lot within a campus environment. Located just off the SR-91 freeway, the property offers convenient access to the I-5 and I-605 freeways, providing excellent connectivity to both Los Angeles and Orange counties.

According to CBRE Research, low-rise office buildings had a 10.2% total vacancy rate, outperforming mid- and high-rise assets in both vacancy and rent growth.