MONY Expected to Fetch Big Money for Centerpoint Sale
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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