Joint Venture Acquires Centerpointe La Palma Business Park Near Cerritos for $106.1M
CERRITOS, CALIF. — A joint venture between Greenlaw Partners and Westbrook Partners has acquired Centerpointe La Palma, a 525,560-square-foot business park in the Cerritos submarket of La Palma for $106.1 million. The 10-building business park is located on Centerpointe Drive.
Centerpointe La Palma is situated near the 91, 5 and 605 freeways in north Orange County. It was 89 percent leased at the time of sale. Notable tenants include the State of California, Tesoro, Honeywell, United Healthcare, University of Phoenix and St. Joseph Health.
The JV represented itself in the transaction. NKF’s Kevin Shannon, Paul Jones and Blake Bokosky represented the seller, an East Coast-based pension fund advisor.