JV Is Betting Long Beach Desirable to Creative Office Users
A JV of Santa Monica’s Ocean West Capital Partners and Chicago’s Singerman Real Estate has acquired a 210k SF office complex in Long Beach from locally based Adler Realty Investments for $35.2M and plans to convert it to creative office space.
The complex is at 100 W Broadway Ave, near the Long Beach Convention Center, and tenants include the City of Long Beach, the Echo Global and Mental Health Association, King’s Fish House and George’s Greek Café. The buyer will upgrade the common areas to attract creative office users, according to CBRE South Bay vice chairman/managing director Kevin Shannon, who represented the seller along with CBRE EVPs Ken White and Brad Burton.
Calling Downtown Long Beach an emerging market, Ocean West Capital Partners principal Russ Allegrette told the LA Business Journal the creative office market is being energized by significant retail and residential growth, along with government spending. He noted that 100 Broadway is in the heart of downtown and within an easy walk of many retail amenities, residential projects and public transportation. [LABJ]