Private Investor Acquires Western Building LLC Property In Long Beach For $6.5M

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.