Town Center Sale

Layton Belling & Associates of Newport Beach, CA purchased the 10-building Town Center Business Park located at 10100-10450 Pioneer Blvd. in Santa Fe Springs, CA. The 457,447-square-foot complex was 87% leased at the time of the sale. With a 60-day escrow period and a cap rate of 9%, total consideration for the deal was $33.5 million or $73.23 per-square-foot. John Biven of Insignia/ESG will be handling the leasing of the buildings. Layton-Belling Associates, and the seller, Town Center Business Associates were both represented by Richard Plummer and Steve Algermissen of Cushman & Wakefield.