Cress Capital, a Newport Beach-based private equity firm, has purchased a portfolio of five office buildings totaling nearly 462,000 square feet at Cerritos Towne Centre for $89.5 million from Principal Real Estate Investors, a Des Moines, Iowa-based limited liability company.
The quintet of properties are part of Cerritos Towne Center, which was built between 1989 and 1998, and is located near the 91 freeway. The Cerritos Center for the Performing Arts also is nearby these properties.
The seller was represented by Adam Edwards and K.C. Scheipe of Eastdil Secured. Cress Capital was self-represented.
The properties sold were:
• 12610 Park Plaza Drive – two stories, 52,000 square feet
• 12750 Center Court Drive – seven stories, 140,000 square feet
• 17785 Center Court Drive – seven stories, 143,000 square feet
• 12898 Towne Center Drive – two stories, 40,000 square feet
• 17871 Park Plaza Drive – two stories, 49,000 square feet
In a statement, Tom Parnell, senior partner at Cress Capital, predicted that “highly-amenitized and well-located suburban office assets will produce superior returns over the long term.”
Real estate reporter Ciaran McEvoy can be reached at cmcevoy@labusinessjournal.com or (323) 556-8337.
