SoCal Gateway deal tops $48M

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Gateway Corporate Center, a 162,326-square-foot suburban office complex near Los Angeles, has sold for $48.5 million. The property consists of two buildings, each totaling 81,163 square feet and situated within a well-located business park in Diamond Bar, a Los Angeles County suburb. DB Gateway Corporate Inc./Cornerstone Real Estate Advisors purchased the asset from Gem Gateway. Built in 2000, the property was 99 percent leased at the time of sale to 16 tenants. Located at 21680 and 21688 Gateway Center Drive, the property is anchored by Travelers Insurance and Wells Fargo, two tenants that occupy 78 percent of the space. ...