MONY Expected to Fetch Big Money for Centerpoint Sale
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One of the largest office complexes in North County is on the block. Mutual Life Insurance Co. of New York (MONY) is selling Centerpoint La Palma, a 12-building 42-acre office and retail complex at Orangethorpe Avenue and Valley View Street in La Palma, according to George Eckard of San Francisco-based brokerage Colliers Investment Services, which is marketing the complex.
Centerpoint, which was built from 1986 to 1990 by a partnership of Birtcher Real Estate and MONY, contains four mid-rise office buildings, some light industrial buildings and a retail center. Arco’s AM-PM mini-market subsidiary, which has its headquarters in the complex, is the largest tenant, Eckard said. The center, which is 90% occupied, could fetch MONY more than $70 million in today’s competitive market, sources say.
“There is a high level of demand for product of this type from institutional investors,” Eckard said. “There is a general sense that the market is rebounding very sharply and that prospects are excellent.”
Melinda Fulmer covers real estate for The Times. She can be reached at (714) 966-7832.
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