MG Properties Group Acquires Mixed-Use Property In Long Beach For $48.9M

The mixed-use property located at 595 Pine Ave in Long Beach has been sold in a closed transaction. The sale took place on April 15, 2019, with a purchase price of $48,900,000. The property spans across 9,000 square feet, resulting in a price per square foot of $5,433. It consists of 158 units, with a per-unit price of $309,493.

Summary of transaction details

• Property Type: Mixed-Use
• Transaction Amount: $48,900,000
• Square Footage: 9,000
• Price per Square Foot: $5,433
• Number of Units: 158
• Price per Unit: $309,493

MG Properties Group acted as the buyer in this transaction, while Sares-Regis Group was the seller. The deal was facilitated by brokers Sean Deasy and Blake Rogers from HFF.