LA County Office Trades Hands Despite Market Slowdown
An Orange County, Calif-based development firm and a Miami-based asset management company have offloaded a 192,000-square-foot office property in Southern California despite a significant slowdown in commercial real estate transactions.
The Koll Company and Rialto Capital Management sold a nine-story, multitenant, Class A office named Plaza Tower in southeastern Los Angeles County, property records show. Logos Missions, a Korean-American nonprofit and religious organization based in Illinois, acquired the property for $31.6 million, or about $165 per square foot, according to the deed. That’s about $1.1 million more than Plaza Tower sold for in 2015. The deal closed Nov. 7.
Newmark (NMRK) brokered and announced the transaction, but did not disclose the name of the seller nor the value of the deal.
Plaza Tower, at 18000 Studebaker Road in Cerritos, was developed in 1986 and renovated in 2015 . It was 84 percent leased at the time of the transaction, including to tenants The Oncology Institute of Hope and Innovation, Thermal Engineering, Premier Workspaces and Fremont University. The Koll Company also has the property address listed as one of its offices on its website. CBRE (CBRE) leasing materials from this year show the asking rent for vacant space at Plaza Tower is $2.95 per square foot per month.
The office is in the Mid-Counties submarket near the border with Orange County, and located just off the 65 Freeway near the interchange with State Route 91.
Newmark’s Kevin Shannon, Paul Jones, Ken White and Brandon White represented the sellers.
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