La Palma office complex sells for millions

  • 2017-09-29
Centerpointe La Palma, an office park in La Palma, recently sold for $106m.

The complex includes six one-story buildings used for research and development, three office buildings (two of them four stories high, and the other seven stories), and a one-story retail/office building. The complex was purchased by Greenlaw Partners of Irvine and Los Angeles-based Westbrook Partners, which worked jointly to acquire the property.

The seller, a pension fund advisor based on the East Coast, was represented by Newmark Knight Frank (NKF), based in Newport Beach. Both Westbrook Partners and Greenlaw Partners represented themselves.

Centerpointe was built in 1986, and underwent updates in 2015 and again in 2016. Tenants in the office buildings include St. Joseph Health, University of Phoenix, United Healthcare, Honeywell, and Tesoro, while retailers in the strip mall include Tokyo Grill, Panda Inn, Flame Broiler, and Jimmy John's. Centerpointe is across from a JC Penney distribution center, which was sold for $153m in May to an investment firm based in Illinois.

One of NKF's senior managing directors, Paul Jones, notes that the sale is exciting because complexes the size of Centerpointe are rarely made available to investors. However, this is the fifth sales for NKF in 2017 that was over $50m.

Properties like this have many possibilities, so developers might consider working with a brochure printing company to create illustrated Brochures to show the property to prospective tenants.
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