West Coast Capital Partners acquired a Cerritos office tower for $24 million, or around $229 per square foot.
The five-story, 105,000-square-foot property at 12800 Center Court Drive South was purchased from an affiliate of Transpacific Development Company, according to the Los Angeles Business Journal. Transpacific developed the property and completed it in 2009.
The building sits on 3.5 acres part of the larger Cerritos Towne Center development, a 125-acre mixed-use development. The Utah State Retirement System purchased the retail portion of the property for $97 million in March. The retail portion is directly across the street, and comprises 500,000 square feet of retail space, including a Trader Joe’s supermarket.
The Towne Center property also includes the Cerritos Center for the Performing Arts and a Sheraton brand hotel. [LABJl] — Dennis Lynch