Los Angeles Area Office Building Sells to Bay Area-Based Real Estate Investment Firm – CBRE

22 Jul 2020

Cerritos-Center-Court

Los Angeles – CBRE announced that a Class A office building in Cerritos, CA, Cerritos Center Court, sold to Nome Ventures, a Bay Area-based real estate investment firm, for an undisclosed price.

Todd Tydlaska, Sean Sullivan, Mike Longo, Anthony DeLorenzo and Mark Shaffer of CBRE represented the seller, an undisclosed institutional investor. Nome Ventures was self-represented. Greg Grant of CBRE’s debt and structured finance group secured a $26.7 million loan on behalf the buyer.

Located at 17777 Center Court Drive, the eight-story, Class A office building is situated in the heart of the 125-acre, master-planned Cerritos Central Business District. The 170,977 square-foot property was 98 percent leased at the time of sale and has experienced high tenant retention since it was constructed in 2002. Cerritos Center Court was renovated in 2018 and features fully upgraded lobbies, corridors, restrooms, EV charging stations and 680 parking spaces. The building is adjacent to SR-91, a major freeway that connects Cerritos to Los Angeles, Orange and Riverside Counties.

The transaction was a leasehold sale as the building sits on a long-term ground lease owned the City of Cerritos with over 66 years of remaining term.

“Cerritos Center Court is an outstanding asset with a history of institutional stewardship,” said Tydlaska. “The recent renovations by EQ Office, which totaled over $2 million, provide the buyer with a beautiful and stable income-producing asset, which will continue to outperform the submarket in terms of rate and occupancy.”

Longo added, “Nome Ventures was attracted to the investment because of the quality of the building, its history of high occupancy and strong base of tenants with businesses that we expect to be less impacted by the effects of COVID-19.”

Cerritos is part of the Mid-Counties office market, which has averaged a 9.9 percent vacancy rate over the last ten years, outperforming the Greater Los Angeles vacancy rate by 498 basis points and the Orange County vacancy rate by 203 basis points.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.