July 19, 2017
Bridgegate Plaza, a three-story, 135,000-square-foot office building located in Diamond Bar, CA has traded hands. Irvine, CA-based Great Far East acquired the asset from a Los Angeles-based publicly-traded equity REIT. The sales price was reported to be in the $28 million range.
Cushman & Wakefield’s Jeff Cole and Ed Hernandez, along with CBRE’s John Bibeau and Steven Saunders, represented the seller. The buyer was self-represented, with CBRE providing underwriting support. CBRE has also been retained as exclusive listing agent by the new owner.
The property, located at 1440 Bridgegate Plaza Dr., features a stone lobby and sky-lit atrium. It was constructed in 2002, and has immediate access to both the 60 and 57 freeways. The 78%-leased asset’s major tenants include QTC and Insperity.
Bibeau says, “This property also provides investors the opportunity to acquire a sizable institutional-quality asset with solid anchor tenancy and tremendous value-add potential.”
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