Brookfield Asset Management unloads Norwalk Corporate Plaza for $26M

The office property spans roughly 122K sf

12501 Imperial Highway (Credit: Loopnet)
12501 Imperial Highway (Credit: Loopnet)

Norwalk Corporate Plaza, a 122,000-square-foot office building in Norwalk, has sold for $26 million, a significant increase from when it last changed hands more than a decade ago.

The seller was BSREP Socal Norwalk, an entity linked to Brookfield Asset Management through its corporation registration records. The two share a mailing address and signing officer, Kevin McCrain, records show. McCrain is the senior vice president at Brookfield Asset Management.

A joint venture between two entities, Family Property Holdings and NCP Imperial, purchased the 40-year-old property at 12501 Imperial Highway. The two are controlled by an individual named Jerry Yeh, the president of Horizon Pacific Construction.

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The deal closed earlier this month, and Preferred Bank provided an $18 million loan, according to Real Capital Analytics.

Both Brookfield and a representative at Horizon Pacific confirmed the sale.

Located on the corner of Imperial Highway and Bloomfield Avenue, the glass facade building is 97 percent leased to tenants including Kaiser Permanente and the California New Business Bureau.

It last sold for $14.2 million in December 2004, property records show.