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LB5000, LLC Acquires 2.7 Acre Office Property In Long Beach, CA For $29M

Property Image
SOLD
$29,000,000
Scott Schumacher
Kevin Shannon
Ken White
+ 2

California

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Office126,219 SF
Sold
the dealplayerscompscontact
Property Image
SOLD

LB5000, LLC Acquires 2.7 Acre Office Property In Long Beach, CA For $29M

5000 Airport Plaza Drive, Long Beach, California 90815, United States

See Similar Deals
Office126,219 SF
Sold
Scott Schumacher
Kevin Shannon
Ken White
+ 2
the dealplayerscompscontact
Contact now

Summary

CALIFORNIA
Asset Type:Office
Price Per Square Foot:$229
Total Square Footage:126,219 SF
Transaction Type:Sale

The property involved in this transaction is an office building located at 5000 & 5001 Airport Plaza Drive in Long Beach, CA. The property sits on approximately 2.7 acres of land. The transaction took place on 10/10/2022.

Summary of transaction details

  • Property Type: Office
  • Sale Price: $29,000,000
  • Square Footage: 126,219
  • Price per Square Foot: $230
  • Address: 5000 & 5001 Airport Plaza Drive, Long Beach, CA
  • Market: Long Beach, CA

The buyer in this transaction is LB5000, LLC, while the seller is WCCP Airport Plaza L.B. LLC. The deal was facilitated by the brokers Kevin Shannon, Ken White, Scott Schumacher, Sean Fulp, and Ryan Plummer from Newmark.

Players

Ken White
Newmark
Ken White
96 deals$6.1B volume
BROKER
Ryan Plummer
Newmark
Ryan Plummer
46 deals$1.1B volume(310) 407-6570
BROKER
Scott Schumacher
Newmark
Scott Schumacher
15 deals$665.2M volume
BROKER
Kevin Shannon
Newmark
Kevin Shannon
136 deals$9.1B volume
BROKER
Sean Fulp
Colliers
Sean Fulp
55 deals$1.9B volume
BROKER

Details

SOLD
IMAGE: Scott Schumacher, Ryan Plummer, Kevin Shannon, Ken White & Sean Fulp DATE: 10/10/2022 ADDRESS: 5000 & 5001 Airport Plaza Drive MARKET: Long Beach, CA ASSET TYPE: Office ~ ACRES: 2.7 BUYER: LB5000, LLC SELLER: WCCP Airport Plaza L.B. LLC BROKERS: Kevin Shannon, Ken White, Scott Schumacher, Sean Fulp (@SeanaFulp) & Ryan Plummer - Newmark (@Newmark) SALE PRICE: $29,000,000 SF: 126,219 ~ PPSF: $230

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

$1,546,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$103,030.87
Cash-on-Cash Return-1.27%
Monthly Debt Service$137,474.80
Annual Debt Service$1,649,697.54