After it was placed up for sale earlier this year, an office building in Cerritos has traded hands. According to public property records, an entity tracing to Chicago-based nonprofit organization Logos Missions acquired the nearly 192,000 square foot building from an entity affiliated with The Koll Company for $31.6 million, or about $164 per square foot.
The property is located at 18000 Studebaker Road and was placed up for sale earlier this year for $32 million, or about $167 per square foot, according to The Registry’s previous reporting. Prior to that, the property last traded in 2015 for $30.5 million, or about $158 per square foot.
Totaling 191,939 square feet, the property is referred to as Plaza Tower and stands nine stories tall. The property was constructed in 1986, and in addition to office space, the 4.2-acre property features 742 parking spaces.
At the time the property was listed, it was 84 percent occupied, with a total of 33 tenants.
The new owner of the property, Logos Missions, is Christian-based organization that publishes the Christian Korean Journal.
The Koll Company is an Irvine-based real estate operating company. The firm has developed and acquired more than 150 million square feet of office, industrial, retail and resort properties. The firm has been responsible for other sales in Southern California in the past year.
In November of last year, the firm sold a 61,878 square foot office building in Corona for $15.2 million, or about $245 per square foot. The building is located at 2280 Wardlow Circle and sold to an entity associated with Topline Trade Union, a manufacturer of wheel accessories.
