CERRITOS, CA-Earlier this week, the Abbey Co. closed the sale of the Cerritos Corporate Center office building for $42.4 million to a partnership formed by Angelo Gordon and Crowsnest Properties. Seven free-standing buildings on three parcels form the industrial business park, located at 13810-13950 Cerritos Corporate Dr. here, which totals 460,356 square feet on 23 acres.

“Investors are constantly seeking investments in the mid-county submarket of Los Angeles County—which is well known for having significant physical and economic barriers to entry typical of mature infill markets,” says CBRE VP and managing director Kevin Shannon, who was one of six CBRE representatives that facilitated the Cerritos Corporate Center deal, which included the assumption of the existing loan.

The office building features two, 24-foot industrial buildings with 28 dock high doors, five high-image office or service buildings and a 95% occupancy rate that made it attractive to investors. “Leasing activity at business parks has lagged [behind] other product types until the last few quarters,” explains Shannon. “This property offers a tremendous upside with low existing rents compared to prior peaks and the ability to sell off buildings individually once the existing loan matures.”