The Real Deal Los Angeles

Clutch of buildings near Cerritos shopping center trades for $89.5M

Cress Capital snaps up five-building package at Cerritos Towne Centre
August 10, 2018 10:30AM

Ryan Parkin, managing partner of Cress Capital

UPDATED, August 10, 2:23 p.m.: 

A package of office buildings next to a Cerritos shopping center have a new owner.

Private equity firm Cress Capital bought five buildings adjacent to Cerritos Towne Center from Iowa-based Principal Real Estate Investors. They total about 462,000 square feet and were constructed from 1989 to 1998, the Los Angeles Business Journal reported.

The building portfolio includes two seven-story buildings and three two-story buildings, all rated Class A.  They have 45 tenants and are 88 percent occupied, Cress said in a press release. The buildings are at 12610 Park Plaza Drive, 12750 Center Court Drive, 17785 Center Court Drive, 12898 Towne Center Drive and 17871 Park Plaza Drive.

Cress Capital, based in Newport Beach, represented itself in the deal. Adam Edwards and K.C. Scheipe of Eastdil Secured represented the seller.

The Cress Capital deal comes one month after West Coast Capital bought an office building in Cerritos Towne Centre. It paid $24 million for the five-story property. [LABJ] — Laurie L. Dove