Holland Partners Acquires Long Beach Office Building For $41M
SOLD
$41,000,000
+ 3
California
See Similar DealsOffice73,769 SF
Sold 02/24/2022
SOLD
Holland Partners Acquires Long Beach Office Building For $41M
6700 Pacific Coast Highway, Long Beach, California 90803, United States
See Similar DealsOffice73,769 SF
Sold 02/24/2022
+ 3
Summary
CALIFORNIA
Asset Type:Office
Price Per Square Foot:$555
Total Square Footage:73,769 SF
Transaction Type:Sale
The office property located at 6700 E. Pacific Coast Highway in Long Beach has recently been sold in a transaction. The property spans a total area of 73,769 square feet, with a per square foot price of $555. The sale price for the property amounted to $41,000,000. The transaction took place on February 24, 2022.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $41,000,000
- Address: 6700 E. Pacific Coast Highway, Long Beach
- Market: Long Beach
The buyer of the property is Holland Partners, while the seller is ValueRock Partners. Newmark represented the seller, with Chris Benton, Anthony Muhlstein, Kevin Shannon, Bill Bauman, Ken White, and Sean Fulp serving as their representatives. These individuals and companies played crucial roles in facilitating the transaction.
Players
BUYER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,186,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$145,664.35
Cash-on-Cash Return-1.27%
Monthly Debt Service$194,360.92
Annual Debt Service$2,332,331.01
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