LONG BEACH, CA-An affiliate of Investcorp International Inc. has paid more than $20 million for Park Tower, a 119-287-square-foot building in the suburbs of this port city on the southern edge of Los Angeles County. Although the buyer would not disclose the exact sale price, participating brokers describe the deal as one of the largest of the year in Long Beach.

George Thomson of Lee & Associates Orange represented the buyer. The seller was not disclosed.

Prior to brokering the sale, Thomson was a leasing agent for the building with fellow Lee salesman Marshal Vogt. Together, the pair take credit for raising the occupancy rate of the glass-covered building from 38% to 96% in the 18 months prior to the sale.

The Long Beach purchase is the latest in a busy acquisition program by Investcorp, which is based in London and has offices in Bahrain and New York. Earlier this month, the publicly held company paid $37 million for the Bethesda Health City building in Boynton Beach, FL. The properties attracted Investcorp through the combination of strong existing cash flow and creditworthy tenants, according to a company statement.   

Those purchases are part of the approximately $300 million that Investcorp has spent this year on eight assets, including the Residence Inn Manhattan Beach in Manhattan Beach, CA and the Prince Forrestal Village in Prince,  NJ. The company’s real estate holdings include office buildings, retail centers, hotels and medical facilities.