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12/15/15
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Square Mile Capital Management LLC originated $34.7 mil in acquisition funding for the purchase of 100 West Broadway, a 209.9k sf office property in Long Beach. A joint venture between affiliates of Ocean West Capital Partners and Singerman Real Estate bought the asset from Adler Realty for $35.2 mil a few weeks ago, as reported by RENTV at the time.
The loan will also fund planned capital expenditures and tenant improvements, plus leasing commissions.
100 West Broadway is a six-story complex that consists of two office towers connected by a two-story atrium, a large outdoor courtyard, and a six-story onsite parking structure. It is situated the city’s downtown area, north of Ocean Blvd and west of Long Beach Blvd in the Central Business and Pine Avenue Entertainment districts.
The property is currently 70.2 percent leased. Major tenants include the City of Long Beach, Echo Global and Mental Health Association of America, as well as the newly renovated King’s Fish House and George’s Greek Café on the ground floor.
The complex is within walking distance to the Long Beach Convention Center, City Hall, Pike at Rainbow Harbor, CityPlace Shopping Center and East Village Loft District. The property has access to the local transportation system via Metro light rail, and the 710, 405, 81, 22 and 605 freeways.
Square Mile Managing Director Charles J. Ochman, said, “100 West Broadway is a well-located property with considerable potential that can be realized with the help of strategic capital deployment.”
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