New York investment firm Angelo, Gordon & Company has sold its seven-building Cerritos Corporate Center for $62 million, less than four months after it hit the market for $60 million.
The buyer was Beverly Hills-based Black Equities on behalf of an investor, according to CBRE broker Rebecca Perlmutter.
Perlmutter, along with her colleagues Darla Longo, Barbara Emmons, Michael Kendall, Rick McGeagh and John Biven, represented both parties in the deal.
Angelo owned the industrial park at 13810-13950 Cerritos Corporate Drive in a partnership with Crownsnest Properties, who managed the operation of the property. The two firms acquired the 453,000-square-foot campus for $42.4 million in 2013. Under their ownership, the center underwent slight renovations, including upgrades to the façade and landscaping.
At the time of the sale, the property was 96 leased with 14 tenants.
The new owner is to increase rents that are below market, Perlmutter told The Real Deal.
“In this core submarket, where vacancy is 0.5 percent, competition is tight for buyers,” she said.