Updated Oct 29, 2024
Private Investor Acquires Western Building LLC Property In Long Beach For $6.5M
2690 Pacific Ave, Long Beach, CA, 90...
$6,500,000
$247/SF
Building Size
26,293 SF
Asset Type
Medical Office
Closing
Jul 5, 2017
About this deal
AI
The property located at 2690 Pacific Ave, Long Beach, CA is a medical office building encompassing 26,293 square feet. The asset was sold for $6.5 million and was 91 percent occupied at the time of the transaction by various tenants, including LabCorp, which has an average lease term of four years. This building is strategically situated adjacent to the Long Beach Memorial Medical Center, providing valuable access to a dense patient population.
Summary of transaction details:
- Property Type: Medical Office Building
- Transaction Amount: $6,500,000.00
- Square Footage: 26,293 SF
- Address: 2690 Pacific Ave, Long Beach, CA
- Market: Long Beach
- Seller: Western Building LLC
- Buyer: Private Investor
- Seller's Representatives: Mark Shaffer (CBRE), Doug Mack (CBRE), Gary Stache (CBRE)
- Buyer's Representative: Chris Isola (CBRE)
CBRE Group Inc. facilitated the sale and represented the seller. The transaction underscored the increasing demand for medical office facilities driven by steady employment growth in health services. The strategic location of the property within this sector provides the buyer with a significant investment opportunity.
Players
Long Beach Medical Office Market Snapshot
Boundary boundary · Medical Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.44%
Cash-on-Cash
-0.70%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93