Cress Capital, a commercial real estate investment firm, today announced the acquisition of five Class A office buildings totaling 461,920 sq. ft. in Cerritos, Calif.
Part of the Cerritos Towne Center – a 125-acre mixed-use development that features more than one million sq. ft. of Class A office space, a full-service hotel, the Cerritos Center for the Performing Arts and a 600,000 sq. ft. open-air retail center – the five-building portfolio is situated in the geographic center of the Los Angeles & Orange County metropolitan area with access to numerous freeways, multiple airports and the Ports of Long Beach & Los Angeles.
Built between 1989 and 1998, the portfolio includes two seven-story buildings and three two-story buildings. With 45 tenants, the buildings are 88% occupied.
Cerritos Towne Center’s centralized location, convenient access to a highly educated workforce and strong amenity offerings attract a diverse mix of government, finance, manufacturing and health care tenants, among others.
“Cerritos is an underappreciated market at the epicenter of the LA Basin,” said Ryan Parkin, Cress Managing Partner. “Companies are not only drawn to the location but also the business-friendly environment and high quality of life. The amenities in the Towne Center offer a walkable urbanized suburban environment – an attribute we target in our office investments,” added Parkin.
This transaction puts Cress at nearly $250 millionin acquisitions over the past year and a half and expands its portfolio in Southern California & Colorado to roughly 1.7 million sq. ft.
“The acquisition of these Class A buildings aligns with one of our core investment strategies,” said Tom Parnell, Cress Partner. “Highly-amenitized and well-located suburban office assets will produce superior returns over the long term.”