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Redwood Partners Acquires Office Building In Downtown Long Beach For $60.5M

Property Image
SOLD
$60,500,000
Rob Hannan
Laura Stumm
Kevin Shannon
+ 1

California

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Office210,428 SF
Sold 11/15/2018
the dealplayerscompscontact
Property Image
SOLD

Redwood Partners Acquires Office Building In Downtown Long Beach For $60.5M

100 West Broadway, Long Beach, CA, USA

See Similar Deals
Office210,428 SF
Sold 11/15/2018
Rob Hannan
Laura Stumm
Kevin Shannon
+ 1
the dealplayerscompscontact
Contact now

Summary

CALIFORNIA
Asset Type:Office
Price Per Square Foot:$287
Total Square Footage:210,428 SF
Transaction Type:Sale

100 West Broadway in Downtown Long Beach has been sold for $60,500,000. This office property spans across 210,428 square feet and was sold at a price of $287 per square foot. The transaction took place on November 15, 2018.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: $60,500,000
  • Address: 100 West Broadway, Downtown Long Beach
  • Market: Downtown Long Beach
  • Square Footage: 210,428
  • Price per Square Foot: $287

The buyer of 100 West Broadway is Redwood Partners, represented by Bob Safai. The seller is @NewmarkKF. The brokers involved in the deal were Rob Hannan, Kevin Shannon, Ken White, Laura Stumm, and Michael Moll.

Players

Ken White
Newmark
Ken White
96 deals$6.1B volume
BROKER
Laura Stumm
Newmark
Laura Stumm
44 deals$3B volume
BROKER
Rob Hannan
Newmark
Rob Hannan
46 deals$3.3B volume
BROKER
Kevin Shannon
Newmark
Kevin Shannon
136 deals$9.1B volume
BROKER
N
NewmarkKF
SELLER

Details

SOLD
IMAGE: Howard Lutnick and Bob Safai DATE: 11/15/2018 ADDRESS: 100 West Broadway MARKET: Downtown Long Beach ASSET TYPE: Office PRICE: $60,500,000 SF: 210,428 PPSF: $287 BUYER: Redwood Partners - Bob Safai SELLER: @NewmarkKF BROKERS: Rob Hannan, Kevin Shannon, Ken White, Laura Stumm and Michael Moll

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$3,226,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$214,943.72
Cash-on-Cash Return-1.27%
Monthly Debt Service$286,800.87
Annual Debt Service$3,441,610.39