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Long Beach Medical Office Building Fetches $29 Mil

5/16/23

Atlantic Medical Center, a 68.8k sf, purpose-built medical office building in Long Beach, sold to a private investor for $29 mil ($422/sf). The asset was sold by LA-based Jamison Properties.

Located at 701 East 28th St, the four-story building is across the street from MemorialCare Long Beach Medical Center (LBMC). The building sits on a 3.04-acre site just minutes from Interstate 405, Long Beach International Airport and Willow Street Station.

At the time of sale, the property was 92% occupied. The Children’s Clinic Family Health, a not-for-profit 501(c)(3) health center, occupies approximately 27% of the building. The rest is occupied by 14 other tenants providing various clinical medical services including general medicine, urgent care, obstetrics/gynecology, urology, neurology, on-site surgery and imaging.

Constructed in 1981, purpose-built clinical medical office building features a wraparound window line, 18,000-sq.-ft. floorplates and 375 on-site structured and surface parking spaces.

CBRE’s Michael Longo, Mark Shaffer, Todd Tydlaska , Sean Sullivan, Anthony Delorenzo represented the seller, LA-based Jamison Properties, in the transaction. According to Longo, on-campus medical office properties remain well occupied and are in high demand from investors who recognize that for certain types of clinical medical uses, there is no replicating an in-person exchange with a doctor.

Long Beach is home to four major hospitals and several medical providers, and the healthcare industry employs over 33,000 residents, according to CBRE. The Long Beach medical office market comprises 1 msf across 21 buildings, with a low direct vacancy rate of 9.9%.





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