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Long Beach Office Building Sells for $16 Mil

7/31/20

A 78.4k sf, multi-tenant office building in Long Beach has traded hands in a recent $16 mil ($204/sf) transaction. The buyer was a private, 1031-exchange investor.

The asset, which has recently undergone extensive renovations, is located at 1501 Hughes Way and is currently 96% leased to eight tenants, including Daylight Transport, Stars Behavioral Health, DB Schenker and CraneMorley, to name a few. The property is centrally located at the confluence of San Diego (I-405) and Long Beach (I-710) freeways.

Sean Fulp, Ryan Plummer, Mark Schuessler and Ryan Tetrault with Newmark Knight Frank represented the seller, Atlantic Pearl Investments.

Long Beach as a whole has experienced an urban renaissance over the past decade with more than 70 projects currently under construction. Since 2017 more than 7,000 new housing units, 1,000 new hotel rooms, and 4 msf of new commercial, industrial and municipal space is either completed or in the pipeline, accounting for over $3.5 bil in new development.

“The exchange buyer was attracted to the recently renovated building and the committed in-place tenancy, 75% of which consider 1501 Hughes their headquarters,” said Plummer. “With small floorplates, free parking and proximity to affordable housing and the Ports, this suburban office building will continue to perform well in a post-COVID environment.”

Despite headwinds from the coronavirus pandemic, suburban Long Beach continues to outpace the overall metro with rental rates continuing to grow at 1.8% while vacancy rates remain relatively stable at 8.8%, according to NKF Research. The submarket provides employers a central location to draw labor from both Los Angeles and Orange Counties.




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