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3/22/18
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Salt Holdings LP paid $7.7 mil for an 18.7k sf ($411/sf) medical office building in Long Beach. The building, located at 3918 Long Beach Blvd, was sold by Pepper Lane-Long Beach LLC.
The two-story building is situated in the Long Beach Suburban submarket, seven minutes from the Long Beach Airport and the Long Beach Memorial Medical Center. Built in 2006, the freestanding multi-tenant medical office building sits on a 39.4k sf lot in the heart of Bixby Knolls. It has ample 5 per 1,000 SF parking, great street visibility and excellent transportation access minutes from the 710 and 405 Freeways.
The property was 47% occupied at the time of the sale. The new owner plans to occupy the vacant portion of the building.
Sonya Dopp-Grech, Steven R. Lewallen and Ryan Dopp with NAI Capital represented the seller in the deal. John Manion and Jeanene Stolrow, also with NAI Capital, represented the buyer.
Dopp-Grech said, “This medical building is well suited for an owner/user to locate their practice in a prime location in the heart of Bixby Knolls. The property is a true pride of ownership property.”
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