Cerritos Towne Center Offices Sell to Nome Capital

A three-building office portfolio in the Gateway Cities just sold for upwards of $35 million.

Nome Capital Partners purchased the 328,800-square-foot Cerritos Towne Center offices for $35.6 million, L.A. Business First reported. The price works out to $108 per square foot.

The seller was Ryan Baker of Verax Business Group, the receiver on the mixed-use property.

The buildings, at 12750 and 17785 Center Court and 17871 Park Plaza, are 87 occupied with tenants including government, finance, healthcare and professional services firms.

CBRE and Colliers helped facilitate the sale, and CBRE’s Mark Shaffer, Anthony DeLorenzo, Sean Sullivan, Grant Goldman, Mike Longo and Melissa Moock and Colliers’ Todd Tydlaska advised the receiver in the sale. Greg Grant and Pete Obradovich of CBRE’s Debt & Structured Finance team secured the acquisition loan for Milpitas-based Nome.

“There’s been a noticeable surge in lender interest in the office financing space, particularly for experienced sponsors who have a clean slate on their investment basis,” Grant said in a statement.

In the Mid-Counties submarket — the portions of Los Angeles County and Orange County that border each other — office vacancy is notably lower than that of Greater Los Angeles, with a third-quarter vacancy rate of nearly 5.7 percent, per CBRE.

The Cerritos portfolio sale is the latest office property in the area to trade hands.

In September, Cress Capital scooped up a 215,000-square-foot office building at 1301 Dove Street in Newport Beach for $41 million, or $191 per square foot. Ocean West Capital Partners and Rockwood Capital paid $64 million for the 10-story building four years ago but lost it in foreclosure.

In July, Surlamer Investments bought the 19-story City Plaza building in Orange for $18.5 million, or just $52 per square foot. The seller was TPG Capital, which acquired the property in foreclosure proceedings early last year after Greenlaw Partners and Walton Street Capital defaulted on $64.2 million of debt at the property.

Also in July, ParkTerra and Jen Partners bought the three-building Axis office campus in Anaheim from Pendulum Property Partners for $62.5 million.

— Chris Malone Méndez