CBRE Brokers LA-Area Office Sale

Niagara Water purchased a three-story, 135,000-square-foot asset in Diamond Bar, Calif., and is set to remodel the interior of the building.
Bridgegate Plaza
Bridgegate Plaza

Niagara Water has acquired Bridgegate Plaza, a three-story, 135,000-square-foot, state-of-the-art Class A office building in Diamond Bar, Calif., from Camphor Partners. Niagara Water is currently processing plans for an interior remodel.

Located at 1440 Bridgegate Plaza Drive, Bridgegate Plaza boasts a stone lobby, sky-lit atrium and parking structure. “Bridgegate was 65 percent occupied in an office market with a less than 5 percent vacancy factor,” CBRE’s John Bibeau told Commercial Property Executive. “Therefore, this property presented a tremendous upside through lease-up and the creation of outdoor amenities.”

A quick turnaround

Built in 2002, Camphor owned the property for nine months and with the short hold period, Bibeau noted the return was substantial. “This was an off-market sale transaction as the buyer was initially interested in leasing the majority of the vacant space at the property, but converted their interest into buying as they chose to move their international headquarters into the building,” he said.

The location is central to Orange, San Bernardino and Los Angeles counties and near to a wide and skilled labor pool and a variety of housing options. It also offers immediate access to both the 60 and 57 freeways.

“This afforded the buyer the opportunity to consolidate, expand, and relocate their corporate headquarters without negatively impacting their daily operations,” Bibeau said.

CBRE’s Bibeau and Steven Saunders handled the sale for Camphor Partners, while Newmark Knight Frank’s Taylor Ing and Lee & Associates’ Paul Earnhart represented bottling company Niagara Water in the deal.

Last month, CBRE fixed the $2.7 million sale of 4800 Medical Center, a fully leased health-care facility in Fort Lauderdale, Fla. 

Image courtesy of CBRE