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180 East Ocean Boulevard, L...

Updated Oct 29, 2024

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

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

180 East Ocean Boulevard, Long Beach, CA 90802, USA

$35,800,000

$179/SF

Building Size

200,000 SF

Asset Type

Office

Closing

Aug 22, 2018

About this deal

AI

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.

On the Map

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$35,800,000

$179/SF

Office

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Players

Ed Hernandez

Broker

$589.1M

vol

8 deals

Broker
SA
Salvation ArmySeller
Bilt advertisement

Long Beach Office Market Snapshot

Boundary boundary · Office · Sale transactions

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Deal FAQ

About $179 per square foot on a published $35.8M for 200,000 square feet (2018).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.44%

Cash-on-Cash

-0.13%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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