A four-building office campus is adding to Los Angeles County’s investment market after it was recently placed up for sale. According to information from Newmark, which is marketing the asset, the 409,658 square foot campus known as Cerritos Towne Center is for sale with pricing guidance set at $61.4 million, or about $150 per square foot.
The office campus is marketed by Newmark’s Kevin Shannon, Paul Jones, Ken White, Brandon White and Kohlman Verheyen. The campus is marketed on behalf of the current owners, Cress Capital and C-III Capital Partners, as indicated by public property records.
Developed in phases throughout 1989 and 1998, the 15-acre campus encompasses several addresses at 12750 Center Court, 17785 Center Court, 12898 Towne Center and 17871 Park Plaza. These buildings total 142,198 Square feet, 137,686 square feet, 80,821 square feet and 8,953 square feet, respectively.
Overall, the campus is about 85 percent leased to various tenants. The City of Cerritos also has a ground lease on the site, which is set to expire in March of 2087.
Cerritos Towne Center is part of a larger master planned business park that sits amongst a mix of retail and dining amenities. The business park also maintains easy access to both Interstate 605 and State Road 91.
The Cerritos class A office market includes seven properties, boasting a low vacancy rate of only 11.2 percent. Compared to the larger Los Angeles County and Orange County, the Cerritos market has typically had better occupancy rates in the Class A segment. However, since the pandemic, this gap has significantly widened, with Los Angeles County’s Class A vacancy rate at 21.9 percent and Orange County at 23.7 percent, according to marketing materials from Newmark.
