Diamond Bar, Calif. and Newport Beach, Calif. (January 25, 2016) – Buchanan Street Partners has purchased Gateway Corporate Center, a two-building, 162,339-square-foot office complex located at 21680 & 21688 Gateway Corporate Center Drive in Diamond Bar, California. The acquisition reflects Buchanan Street’s ongoing investment strategy in the West, where the Newport Beach-based investor is actively buying core-plus and value-add office properties in growing markets.
“This investment presents the opportunity to capitalize on a property that generates strong cash flow and is located in a stable and well-established submarket that attracts both Fortune 1000 companies as well as smaller entrepreneurial firms,” said Chris Herthel, senior vice president at Buchanan Street Partners.
The firm acquired Gateway Corporate Center from Cornerstone Real Estate Advisers LLC, acting on behalf of an institutional investor. The project is 94 percent leased to high-credit tenants and benefits from institutional quality construction, efficient floorplates and ample parking. Buchanan Street will implement a proactive replacement program for several of the major building systems along with targeted aesthetic enhancements to the buildings’ lobbies, corridors and elevators.
Gateway Corporate Center is located in the East San Gabriel Valley submarket at the intersection of the CA-60 and CA-57 freeways, near the industrial hub in The City of Industry. The property also benefits from its location within Diamond Bar, which offers nearby executive housing, high-achieving public schools and an abundance of retail amenities.
“The project benefits from a central location that provides companies the ability to draw employees from Los Angeles, Orange, San Bernardino and Riverside Counties,” said Herthel. “Gateway Corporate Center’s accessibility is attractive to a wide range of firms looking to hire and retain top talent in the region. For these reasons, we anticipate the submarket to continue to be a leader in the greater Los Angeles market over the next five years.”
Jeff Cole and Ed Hernandez of Cushman & Wakefield represented both Buchanan Street and Cornerstone.
ABOUT BUCHANAN STREET PARTNERS
Buchanan Street Partner was founded in 1999 and is a real estate investment management firm that invests debt and equity capital on behalf of institutional and private investors. Buchanan has invested and structured approximately $17 billion of capital in a broad range of equity and debt real estate investments throughout the United States. www.www.buchananstreet.com.
ABOUT CORNERSTONE
Cornerstone Real Estate Advisers LLC, with subsidiary and affiliate offices in the U.S., UK, Europe, and Asia, is one of the largest global real estate investment managers. It provides core and value-added investment and advisory services, including a comprehensive suite of private and public real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe. Cornerstone is a member of the MassMutual Financial Group. For more information, visit www.cornerstoneadvisers.com.
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