VITAL STATISTICS
CONGRESSIONAL PLACE
6700 East Pacific Coast Highway, Long Beach
Square Footage: 73,769
Deal Value: $41 million
Newmark completed this $41 million sale of Congressional Place, a two-story, 73,769 square foot office building planned for multifamily redevelopment and located in Long Beach. With its prime coastal location, outstanding area demographics and strong multifamily market fundamentals in the region, Congressional Place received intense investor interest.
Newmark senior managing director Chris Benton, managing director Anthony Muhlstein, co-head of capital markets Kevin Shannon, vice chairman Bill Bauman and executive managing directors Ken White and Sean Fulp represented the seller, ValueRock Realty, an Irvine-based real estate investment firm. The buyer was Holland Partners.
Located at 6700 East Pacific Coast Highway, the 2.53-acre parcel sits on the border of Long Beach and Seal Beach and presents unobstructed views of the marina and ocean. The property is convenient to major freeways and public transportation and offers a high walkability rating. It is immediately adjacent to 2nd and PCH, a new high-end destination retail center delivered by CenterCal in the fall of 2019, offering national, regional and locally grown retailers and restaurateurs such as Whole Foods Market, Urban Outfitters, Lululemon, The Bungalow Kitchen by Michael Mina, Tocaya Organica, Caffe Luxxe, Peloton and more.
