July 24, 2020
Bay Area-based Nome Ventures acquired Cerritos Center Court, a 170,977-square-foot Class A office building in Cerritos, from an institutional investor. The transaction was a leasehold sale as the 98%-leased building sits on a long-term ground lease owned the City of Cerritos with more than 66 years of remaining term.
Located at 17777 Center Court Dr., the eight-story building is situated in the 125-acre, master-planned Cerritos CBD. Cerritos Center Court was renovated in 2018 and features fully upgraded lobbies, corridors, restrooms, EV charging stations and 680 parking spaces.
CBRE’s Todd Tydlaska, Sean Sullivan, Mike Longo, Anthony DeLorenzo and Mark Shaffer represented the seller. CBRE’s Greg Grant secured a $26.7 million loan on behalf the buyer.
Tydlaska says, “Cerritos Center Court is an outstanding asset with a history of institutional stewardship. 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.”
Mixed feelings, government should not become property managers, real estate investors and so forth.
Government is for the people, by the people and of the people. When government crosses in to real estate, create externally/internally conflict of interests.
Past 22 yrs, former mullikin medical building has been vacant on the SE corner of 183rd/Bloomfield, plus many other vacant parcels located in city.
Lifetime CCC has not squat to fill vacancies. Cerritos does not even have a dedicated city treasurer.
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