Built in 1982, the structural steel and glass building is 91% occupied. Tenants include Washington Mutual Bank, New York Life Insurance Co. and Cisco Systems.
The seller is a partnership led by Southwest Value Partners based in San Diego and its partner South Charles Investment Co. The buyer, Ocean Beach Investors, is a California limited partnership formed in 1981.
The $125 per square foot represents a new high-water mark for this type of building in this market, according to Robert Garey of Cushman & Wakefield, who along with Grubb & Ellis represented the seller in the transaction.
The seller was represented by Garey, Bob Alperin and Kimball Wasick in the Long Beach office of Cushman & Wakefield jointly with Kevin Shannon of Grubb & Ellis. Ocean Beach Investors was represented by Jack Ravan of South Park Group. Cushman & Wakefield has been selected to manage the building.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
