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

180 East Ocean Boulevard
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This Office property located in CA was sold for $35,800,000 over 5 years ago. The brokers of the deal were Nico Napolitano, Robert Garey, and Ed Hernandez

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.

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Deals
  • Location
    180 East Ocean Boulevard, Long Beach, CA 90802, USA180 East Ocean Boulevard, Long Beach, CA 90802, USA
  • Sale Price
    $35,800,000$35,800,000
    $179 PPSF$179 PPSF
  • Area
    200,000 SF200,000 SF
  • Asset Type
    OfficeOffice
  • Parties
    3 Brokers, 1 Agency3 Brokers, 1 Agency

Agents

Robert Garey

Robert Garey

Deals1
Sold$35.8M

Ed Hernandez

Ed Hernandez

Deals6
Sold$583.6M

Agency

Cushman & Wakefield

Cushman & Wakefield

Agency
Deals4188
Volume$167B

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Deal Summary

SALE IMAGE: Omer Ben-Zur, Robert Garey, Jeffrey Cole, Ed Hernandez DATE: 08/23/2018 ADRESS: 180 E. Ocean Blvd. MARKET: Long Beach CITY: Los Angeles ASSET TYPE: Office building PRICE: $35,800,000 SF: 200,000 PPSF: $180 BROKERS: Jeffrey Cole, Robert Garey, Ed Hernandez, Nico Napolitano BUYER: Thrifty Oil Co. SELLER: Salvation Army NOTE: The Salvation Army’s phased departure from the building “offers a rare repositioning opportunity of one of the most recognizable office assets in Long Beach,” Cole said in a statement. “(The property) was sold at a significant discount to replacement cost and proved an ideal investment for the buyer.” (LABJ)

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180 East Ocean Boulevard

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