Thrifty Oil Co. Acquires Office Building In Long Beach For $35.8M

The sale of the office building located at 180 E. Ocean Blvd. in Los Angeles was recently completed. The property, situated in the Long Beach market, spans 200,000 square feet. The transaction took place on August 23, 2018, and the property was sold for a price of $35,800,000, equating to a price per square foot of $180. The buyer of the property was Thrifty Oil Co., while the seller was the Salvation Army.

Summary of transaction details

• Property Type: Office building
• Transaction Amount: $35,800,000
• Square Footage: 200,000
• Price per Square Foot: $180
• Address: 180 E. Ocean Blvd., Los Angeles
• Market: Long Beach

The transaction was facilitated by brokers Jeffrey Cole, Robert Garey, Ed Hernandez, and Nico Napolitano. According to Jeffrey Cole, the phased departure of the Salvation Army from the building presents a unique opportunity for repositioning one of Long Beach's most recognizable office assets. The property was sold at a significant discount to replacement cost, making it an ideal investment for Thrifty Oil Co. The deal showcases the buyer's commitment to capitalizing on the property's potential.