Long Beach Office Building Acquired for $35.8M, Sets Record

Long Beach Office Building Acquired for $35.8M, Sets Record
180 E. Ocean Blvd.

The Salvation Army has sold a 12-story, 200,000-square-foot office building at 180 E. Ocean Blvd. for $35.8 million, or around $180 per square foot, to an affiliate of Santa Fe Springs-based real estate leasing firm Thrifty Oil Co., according to sources close to the deal.

It’s the largest Class A office building sold in Long Beach this year, according to Cushman & Wakefield.

Jeffrey Cole, Robert Garey, Ed Hernandez, and Nico Napolitano with Cushman & Wakefield’s capital markets group represented the seller in the deal. The buyer was self-represented.

The Salvation Army’s phased departure from the building “offers a rare repositioning opportunity of one of the most recognizable office assets in Long Beach,” Cole said in a statement. “(The property) was sold at a significant discount to replacement cost and proved an ideal investment for the buyer.”

Real estate reporter Ciaran McEvoy can be reached at [email protected] or (323) 556-8337.

No posts to display