Fort Ashford Funds Acquires Commercial Property In Long Beach From Fortress Investment Group For $29M
600 East Broadway, Long Beach, CA, USA
$29,000,000
$604/SF
Building Size
48,000 SF
Asset Type
Commercial
Closing
Apr 11, 2019
AI
A commercial property located at 600 E. Broadway in Long Beach has been sold for a price of $29 million. The property has a total area of 48,000 square feet with a price per square foot of $604. The transaction took place on 04/12/2019 and involved the buyer, Fort Ashford Funds, and the seller, Fortress Investment Group. The deal was facilitated by Andy Chana and Daniel Hoogesteger from Sands Investment Group.
Summary of transaction details
- Property Type: Commercial Property
- Transaction Amount: $29 million
- Address: 600 E. Broadway, Long Beach
- Market: Long Beach
- Total Area: 48,000 square feet
- Price per Square Foot: $604
- Buyer: Fort Ashford Funds
- Seller: Fortress Investment Group
- Brokers: Andy Chana, Daniel Hoogesteger - Sands Investment Group
Andy Chana and Daniel Hoogesteger from Sands Investment Group represented the buyer and seller, respectively, in the transaction.
Players
Long Beach Commercial Market Snapshot
Boundary boundary · Commercial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.55%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93