Newmark Capital Markets has completed the sale of 12800 Center Court Drive South, a five-story, Class A office building totaling approximately 105,000 square feet located in Cerritos, CA (Los Angeles County).
Kevin Shannon, Paul Jones, Ken White, Blake Bokosky and Brandon White of Newmark Capital Markets represented the seller, an affiliate of Transpacific Development Company (TDC). The buyer, West Coast Capital Partners, was in a 1031 exchange and was self-represented.
“12800 Center Court is a quality asset that was developed and maintained by TDC since it was completed nine years ago,” said Jones. “This building offered the buyer a strong income stream with fixed annual rental increases.”
Jones added, “Cerritos is a strategic location for many corporations/tenants because it is located in the middle of Orange and Los Angeles Counties.”
Built in 2009, the property is situated on approximately 3.5 acres and is 91 percent occupied by five tenants. 12800 Center Court features unique architecture with an iconic dome as its centerpiece, high-end contemporary finishes, efficient floor plates and ample surface parking. It is also well-located within Cerritos Towne Center, a 125-acre mixed-use development consisting of office, hotel, the Cerritos Center for the Performing Arts, retail stores, and over a dozen restaurants including Starbucks, Wood Ranch BBQ, Macaroni Grill, and Mimi’s Café.
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
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