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Newmark Completes $29M Sale of Long Beach Office Complex
Real estate advisory and services firm Newmark has completed the sale of Airport Plaza, a two-building, 126,000-square-foot office complex in Long Beach, CA. The 100% leased property was purchased for $29 million by LB5000, LLC. Newmark’s Kevin Shannon, Ken White and Scott Schumacher represented the seller, WCCP Airport Plaza L.B. LLC. The firm’s Sean Fulp and Ryan Plummer also assisted in the transaction.
The property is located on Airport Plaza Drive and is fully occupied with 19 tenants, including the FAA, Advanced Medical Management and NACA Logistics. It has easy access to the 405 freeway and numerous retail amenities. The complex also recently underwent a $1.5 million capital improvements upgrade.
“The suburban Long Beach office market has performed well since the onset of the pandemic,” said Shannon. “Vacancy for this asset averages only 6% since 2014, which is less than half that of the submarket.”
- ◦Sale/Acquisition
