IRVINE, Calif. – July 19, 2017 – Cushman & Wakefield announced today that Bridgegate Plaza, an approximately 135,000-square-foot state-of-the-art office building in Diamond Bar, California has sold. The buyer was Great Far East (GFE). Jeffrey Cole and Ed Hernandez of Cushman & Wakefield’s Irvine office in collaboration with John Bibeau and Steven Saunders of CBRE represented the seller.
Located at 1440 Bridgegate Plaza Dr. and constructed in 2002, the three-story Class-A building features a stone lobby and sky-lit atrium and was 78% leased at the time of sale. Major tenants in the project include QTC and Insperity. Mr Cole, Executive Managing Director with Cushman & Wakefield’s Capital Markets, said, “Bridgegate Plaza made for a very attractive investment opportunity given it’s a well located institutional-quality asset with strong tenancy plus great value-add potential.”
Bridgegate Plaza is well positioned at the convergence of Los Angeles, San Bernardino and Orange counties and offers immediate access to both the 60 and 57 freeways. The property displays unparalleled access to Southern California, a highly educated labor pool, affordable employee housing options, and numerous amenities.
Great Far East is a full-service real estate development and management company that has developed over 32 million square feet of real estate. These real estate projects have ranged from ground up construction to the renovation and lease up of existing structures.
“We purchased this asset with the intent to continue the tradition set by the previous owner of providing Class A office space to tenants in the area,” said Landon Wright, partner at GFE, “We plan to improve upon the common areas and create indoor/outdoor experiences in line with the changing demands of office tenants. The tremendous views of the valley, coupled with the high parking ratio and quality of the asset, make this an exciting project for us.”
According to Cushman & Wakefield’s new second quarter 2017 market reports, overall office vacancy in the Diamond Bar/City of Industry submarket was just 5.5% at midyear, among the lowest office vacancies in all of San Gabriel Valley despite it being the largest submarket in terms of inventory. About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.