CBRE Represents Private Family Trust In $15M Office Purchase In Long Beach

The property involved in the transaction is a 40,376-square-foot freestanding office building located at 4130 Cover St in Long Beach, CA. The asset was sold for $15,000,000.00. This office building occupies 2.7 acres and is situated at the intersection of Cover Street and North Lakewood in the Long Beach market.

Summary of transation details:

• Property Type: Office
• Transaction Amount: $15,000,000.00
• Market: Long Beach
• Seller: United Pacific
• Seller's Rep: Thomas (Tom) Chichester
• Buyer: Private Family Trust
• SF: 40,376

The key individuals involved in the deal were Rick Chichester, the President & CEO of Faris Lee Investments, and Managing Director Thomas Chichester. Additionally, Bob Bower of CBRE represented the buyer, a family trust from Northern California. Faris Lee Investments worked on behalf of the seller, an entity of United Pacific, in arranging the sale of the office building. In another transaction, Faris Lee completed the sale of a 14,990-square-foot Colorado retail asset for over $6 million in the past.