February 4, 2016
Buchanan Street Partners has acquired Gateway Corporate Center, a two-building, 162,339‑square-foot office complex in Diamond Bar for $44-million. The 94-percent occupied property, located at 21680 and 21688 Gateway Corporate Center Dr., was sold by Cornerstone Real Estate Advisers LLC, acting on behalf of an institutional investor.
The acquisition reflects Buchanan Street’s ongoing investment strategy in the West, where the investor is actively buying core-plus and value-add office properties in growing markets. The Newport Beach-based company’s Chris Hershel says the “complex generates strong cash flow, and is located in a stable and well‑established submarket.”
Jeff Cole and Ed Hernandez of Cushman & Wakefield’s capital markets group, along with leasing representatives Ron Heim, and John Bibeau, represented both Buchanan Street and Cornerstone.