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Cress Capital Snags $90M Portfolio in Cerritos

Newport Beach, CA-based Cress Capital acquired five Class A office buildings totaling 461,920 square feet in Cerritos, CA for $89.5 million. Built between 1989 and 1998, the portfolio includes two seven-story buildings and three two-story buildings, which are 88% occupied by 45 tenants.

“The acquisition of these Class A buildings aligns with one of our core investment strategies,” said Cress’ Tom Parnell. “We believe highly-amenitized and well-located suburban office assets will produce superior returns over the long term.”

Eastdil Secured’s Adam Edwards and K.C. Scheipe represented the seller, reportedly Iowa-based Principal Real Estate Investors. The buyer was self-represented.

The properties are part of the 125-acre Cerritos Towne Center mixed-use development and include:

  • 12610 Park Plaza Dr., two stories, 52,000 square feet
  • 12750 Center Court Dr., seven stories, 140,000 square feet
  • 17785 Center Court Dr., seven stories, 143,000 square feet
  • 12898 Towne Center Dr., two stories, 40,000 square feet
  • 17871 Park Plaza Dr., two stories, 49,000 square feet

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Sale/Acquisition