Los Angeles-based Atlantic Pearl Investments divested a 78,404-square-foot, multi-tenant office building in Long Beach for $16 million. The buyer was an unnamed private, 1031-exchange investor.
The asset, which recently underwent extensive renovations, is located at 1501 Hughes Way and is currently 96% leased to eight tenants, including Daylight Transport, Stars Behavioral Health, DB Schenker and CraneMorley, to name a few. The property is centrally located at the confluence of San Diego (I-405) and Long Beach (I-710) freeways.
NKF’s Sean Fulp, Ryan Plummer Mark Schuessler and Ryan Tetrault represented the seller.
Plummer says, “The exchange buyer was attracted to the recently renovated building and the committed in-place tenancy, 75% of which consider 1501 Hughes their headquarters. With small floor plates, free parking and proximity to affordable housing and the Ports, this suburban office building will continue to perform well in a post-COVID environment.”
Dennis Kaiser is Vice President of Content and Public Relations for
Connect Commercial Real Estate. Dennis is a communications
leader with more than 30 years of experience.
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