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116,000-SF Office Building Sells for $14.5M

LONG BEACH, CA-The seven-story, institutional quality mid-rise office building brought a selling price of $125 per square foot. Built in 1982, the structural steel and glass building is 91% occupied.

By Peter Landau | Updated on March 08, 2002

LONG BEACH, CA-A 116,000-sf office building at 5150 E. Pacific Coast Highway here has sold for $14.5 million. The institutional quality mid-rise building brought a selling price of $125 per square foot.

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.

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