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Cress Capital Acquires Five-Building Office Portfolio in Southern California for $89.5M

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At the time of acquisition, the five-building portfolio was 88 percent occupied by 45 tenants.

CERRITOS, CALIF. — Newport Beach, Calif.-based Cress Capital has purchased a five-building office portfolio, located within Cerritos Town Centre in Cerritos. An undisclosed seller sold the asset for $89.5 million.

Built between 1989 and 1998, the 461,920-square-foot portfolio includes two seven-story buildings and three two-story buildings. At the time of sale, the asset was 88 percent occupied by 45 tenants.

Cerritos Town Centre is a 124-acre mixed-use development offering more than 1 million square feet of Class A office space, a full-service hotel, the Cerritos Center for the Performing Arts and a 600,000-square-foot, open-air retail center.

This transaction puts Cress at nearly $250 million in acquisition volume over the past 18 months and expands the company’s portfolio in Southern California and Colorado to roughly 1.7 million square feet.

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