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2/20/18
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In a recent office investment buy in Long Beach, a 78.3k sf building was purchased for $13.35 mil ($170/sf) by Atlantic Pearl Investments, a high net-worth group based in Los Angeles. It was 88% occupied at the time of sale.
The four-story office building is located at 1501 Hughes Way. It features flexible floor plates, an updated lobby and a steel construction and glass façade. The site provides easy access to the 405/710 Fwy intersection.
CBRE’s Mark Shaffer, Anthony DeLorenzo, Gary Stache and Doug Mack, members of the firm’s Investment Properties SoCal Team, represented the seller, a Brookfield-sponsored private real estate fund.
“Long Beach and Southern California have gone through a tremendous recovery. This has attracted employers, employees and in turn investors.” Noted Shaffer. “High net-worth investors are ceasing opportunities to buy office properties with good in-place cash flow at rents that have not yet met or exceeded the previous peak, offering the potential for significant upside.”
The Long Beach office market has been steadily improving, with overall vacancies at 15.5% in the fourth quarter, down from 16.4% a year earlier, according to the latest CBRE research. Asking rents for the same time period climbed 8.4% to $2.46 per square foot.
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