CBRE’s Arranges Sale of Two-Property Office Portfolio in Long Beach for $5.7 Million

CBRE announced the sale of a two-property office portfolio in Long Beach, Calif., for $5.7 million.

Kevin Foley, Anthony DeLorenzo, Bryan Johnson, Nick Williams and Brian Hutcherson of CBRE represented the seller, Long Beach Unified School District, in the transaction. Long Beach Unified has never used the properties as school sites.

The larger property is located at 999 Atlantic Avenue and was initially constructed in 1990. The 21,706 sq. ft., three-story building is located at the corner of Atlantic Avenue and East 10th Street, two major thoroughfares in Long Beach. The buyer, a private owner-user, used an SBA loan to purchase the property.

The other property is located at 4310 Long Beach Boulevard and was originally constructed in 1979. The 17,581 sq. ft., two-story building is located in the Bixby Knolls neighborhood and is approximately one mile from Interstate 405. The buyer of this property is a local developer who plans to undertake a complete renovation of the property.

“Each property received four-plus offers and Long Beach Unified School District ultimately selected buyers that will improve the local community,” said Mr. Foley, first vice president at CBRE.