Adler Realty Investments Inc. of Woodland Hills has sold a 210,281-square-foot office complex in Long Beach for $35.2 million to a joint venture that aims to convert it to a creative office space.
The offices are located at 100 West Broadway Ave. near the Long Beach Convention Center. The joint venture consists of Santa Monica’s Ocean West Capital Partners and Chicago’s Singerman Real Estate.
The city of Long Beach as well as the Echo Global and Mental Health Association, King’s Fish House and George’s Greek Café are among the tenants.
Downtown Los Angeles real estate giant CBRE Group Inc.’s Vice Chairman Kevin Shannon represented the seller, along with Ken White and Brad Burton.
The buyers hope to attract creative tenants as well as upgrade the building’s common areas, according to Shannon.
“We believe downtown Long Beach to be an emerging office market that is being energized by significant residential and retail growth as well as government spending,” Russ Allegrette, a principal at Ocean West Capital Partners, said. “100 Broadway is located in the center of the downtown Long Beach, within walking distance of the many retail amenities, new apartment projects and public transportation. In addition, the large operable windows, expansive courtyard and on-site parking at the property creates an environment that will allow us to transform 100 Broadway into the preeminent creative office campus within Long Beach.”
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