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February 15, 2019
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Long Beach Office Building Trades for $15 Mil


A newly built, freestanding, 40.4k sf office building in Long Beach sold for $15 mil ($370/sf). The property is fully occupied by United Pacific, one of the largest independent owners and operators of gas stations and convenience stores in the Western U.S.

The asset was sold by United Pacific in a sale-leaseback transaction. The company signed a new, 10-year lease for the building. United Pacific specifically developed the property as its corporate headquarters due to the mission critical, 24/7 nature of its business, as well as to provide a state of the art, high quality, high touch, and collaborative work environment for its employees, venders and clients.

Situated on 2.65 acres at 4130 Cover St, the building completed construction with tenant move-in 2017. It is strategically situated at the signalized, hard corner intersection of Cover and N Lakewood, and is near all major Southern California freeways including Interstate 405, 605, 710, 100 and Highways 22 and 91.

Additionally, the property is within the prime business/industrial corridor of Long Beach Airport and Douglas Park, with major companies such as Boeing, Mercedes-Benz, and Virgin Galactic occupying space in the immediate area. There are more than 728,000 permanent residents and more than 262,500 daytime employees within a five-mile radius.

Rick Chichester and Thomas Chichester with Faris Lee Investments represented the seller in the deal. The buyer, a family trust from Northern California, was represented by Bob Bower of CBRE. The transaction closed at a cap rate of 5.33%.

“United Pacific structured the sale-leaseback in order to focus on its business operations versus ownership and management of the real estate,” said Rick Chichester. “Both the seller and the buyer executed their business and investment strategies with precision; the seller was able to design the building to meet its specific operating objectives, as well as its social and environmental goals, and the buyer was able to acquire a new, single-tenant asset in the heart of the Los Angeles County market.”

The United Pacific network includes 320 company operated gas stations and convenience stores, and 55 fee-operated and leased locations. United Pacific, through its retail convenience locations and its retail and wholesale fuel distribution network has established itself as one of the largest independent owners and operators of gas stations and convenience stores in the Western United States. United Pacific offers motor fuels products under the 76, Conoco, Shell and United Oil flags, and convenience items through the We Got It! Food Mart, My Goods Market and Circle K brands. United Pacific operates its retail and wholesale businesses in California, Nevada, Oregon, Washington and Colorado.

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