Long Beach Office Building Acquired for $35.8M, Sets Record!

By Ciaran McEvoy http://labusinessjournal.com/news/2018/aug/23/long-beach-office-building-acquired-358m-sets-reco/

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The Salvation Army has sold a 12-story, 200,000-square-foot office building at 180 E. Ocean Blvd. for $35.8 million, or around $180 per square foot, to an affiliate of Santa Fe Springs-based real estate leasing firm Thrifty Oil Co., according to sources close to the deal.

It’s the largest Class A office building sold in Long Beach this year, according to Cushman & Wakefield.

Jeffrey Cole, Robert Garey, Ed Hernandez, and Nico Napolitano with Cushman & Wakefield’s capital markets group represented the seller in the deal. The buyer was self-represented.

The Salvation Army’s phased departure from the building “offers a rare repositioning opportunity of one of the most recognizable office assets in Long Beach,” Cole said in a statement. “(The property) was sold at a significant discount to replacement cost and proved an ideal investment for the buyer.”