May 6, 2016
A private Newport Beach investor acquired a nearly 72,000-square-foot office building in Diamond Bar, CA from a partnership of Palo Alto-based Menlo Equities. The all-cash transaction reportedly closed at $265 per square foot and a 6.5% cap rate.
The asset is fully leased to Allstate Insurance, with four and half years remaining on the deal. The insurance company is a long-time tenant, and has a regional call center and claims operation at the 21950 Copley Dr. location. The three-story office building with parking structure is situated on 8.73 acres within the 255-acre Gateway Corporate Center.
Cushman & Wakefield’s Jeff Cole and Ed Hernandez represented the seller in the transaction, while the buyer was self represented.