Cress Capital Snags $89.5M Portfolio in So Cal

Continues Buying Streak with Acquisition of 461,920 Sq. Ft. Five-building Office Portfolio

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Aug 09, 2018, 09:58 ET

CERRITOS, Calif., Aug. 9, 2018 /PRNewswire/ -- Cress Capital, a commercial real estate investment firm, today announced the acquisition of five Class A office buildings totaling 461,920 sq. ft. in Cerritos, Calif.

Cerritos Towne Center. (PRNewsfoto/Cress Capital)

This transaction puts Cress at nearly $250 million in acquisitions over the past year and a half and expands its portfolio in Southern California & Colorado to roughly 1.7 million sq. ft. (PRNewsfoto/Cress Capital)

Part of the Cerritos Towne Center – a 125-acre mixed-use development that features more than one million sq. ft. of Class A office space, a full-service hotel, the Cerritos Center for the Performing Arts and a 600,000 sq. ft. open-air retail center – the five-building portfolio is situated in the geographic center of the Los Angeles & Orange County metropolitan area with access to numerous freeways, multiple airports and the Ports of Long Beach & Los Angeles.

Built between 1989 and 1998, the portfolio includes two seven-story buildings and three two-story buildings. With 45 tenants, the buildings are 88% occupied.

Cerritos Towne Center's centralized location, convenient access to a highly educated workforce and strong amenity offerings attract a diverse mix of government, finance, manufacturing and health care tenants, among others.

"Cerritos is an underappreciated market at the epicenter of the LA Basin," said Ryan Parkin, Cress Managing Partner. "Companies are not only drawn to the location but also the business-friendly environment and high quality of life. The amenities in the Towne Center offer a walkable urbanized suburban environment – an attribute we target in our office investments," added Parkin.

This transaction puts Cress at nearly $250 million in acquisitions over the past year and a half and expands its portfolio in Southern California & Colorado to roughly 1.7 million sq. ft.

"The acquisition of these Class A buildings aligns with one of our core investment strategies," said Tom Parnell, Cress Partner. "We believe highly-amenitized and well-located suburban office assets will produce superior returns over the long term."

About Cress Capital

Headquartered in Newport Beach, Calif., Cress Capital is a rapidly growing commercial real estate investor. Formed in 2012, Cress specializes in the acquisition of primarily office and industrial properties in the Western U.S. At its core, Cress believes that superior risk-adjusted returns are achieved by acquiring mispriced assets, adding value and knowing when to sell. For more information, visit www.cresscapital.com

Media Contact:
Jennifer Parnell
720-515-3651

SOURCE Cress Capital