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4/04/23
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Advanced Real Estate has acquired the iconic Edison - a 12-story former office tower in Downtown Long Beach. The price was not immediately disclosed.
The property sits one block from Ocean Blvd at the terminus of the Metro Rail A Line (Blue) which has direct access to Downtown Los Angeles. Edison boasts dramatic views of the ocean, harbor, mountains, and the LA Basin through 12-foot, floor-to-ceiling windows. This would be cost-prohibitive to replicate in a new building today.
The rooftop pool, lounge, game room, large fitness center, colorful bike storage facility, and business center position the property to compete with brand new product in the market. Despite being a transit-oriented building, it still contains ample parking in the onsite four-level garage.
The property was originally built in 1960 and meticulously converted to apartments in 2016, while still maintaining its striking mid-century modern architecture. Due to its high-profile location, it formerly served as the headquarters of the Edison Company, the Long Beach Police Department, and City Hall.
During its 2016 conversion, the property was divided into 156 apartment units, including six added penthouses and a rooftop pool. All electrical, mechanical, and plumbing systems were overhauled and structural enhancements were made.
“The location on the edge of the East Village, close to restaurants and transportation makes it prime for a car-less lifestyle,” commented Rick Julian, Advanced’s CEO. “We are thrilled that this asset will be the one to kick off our newest Fund, Advanced Fund 21-2. We have raised over $160 mil from our private network of investor partners. This acquisition required around $30 mil of equity. We are now searching for other multifamily acquisitions with the remaining funds.”
Marc Renard with Cushman & Wakefield represented both the seller and buyer in the transaction. A Freddie Mac loan was arranged by Cushman & Wakefield through its subsidiary Greystone.
“The property already has a strong amenity package, modern finishes, high ceilings and commanding views. However, it can benefit from small enhancements that will help it compete with the newer luxury product,” stated Paul Julian, President of Advanced. “There is an unoccupied prime retail space onsite. Advanced plans to secure a tenant that will be positive for the residents in the building and the neighboring area.”
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