Onni Acquires Retail Property On East Pacific Coast Highway In Long Beach For $67.9M
SOLD
$67,900,000
+ 1
California
See Similar DealsRetail268,811 SF
Sold 12/02/2021
SOLD
Onni Acquires Retail Property On East Pacific Coast Highway In Long Beach For $67.9M
6500 East Pacific Coast Highway, Long Beach, CA, USA
See Similar DealsRetail268,811 SF
Sold 12/02/2021
+ 1
Summary
CALIFORNIA
Asset Type:Retail
Price Per Square Foot:$252
Total Square Footage:268,811 SF
Transaction Type:Sale
On December 2, 2021, a retail property was sold in Long Beach located at 6500 East Pacific Coast Highway. The property spans approximately 6.17 acres and was transacted for a sale price of $67,900,000. The buyer of the property was Onni, while the seller was Regency Centers.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $67,900,000
- Address: 6500 East Pacific Coast Highway, Long Beach
- Market: Long Beach
- Brokers: Kevin Shannon, Bill Bauman, Ken White, Chris Benton & Anthony Muhlstein - Newmark
The deal was facilitated by brokers Kevin Shannon, Bill Bauman, Ken White, Chris Benton, and Anthony Muhlstein from Newmark. They played a crucial role in representing both the buyer and seller throughout the transaction process.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,621,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$241,234.37
Cash-on-Cash Return-1.27%
Monthly Debt Service$321,880.64
Annual Debt Service$3,862,567.69
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