The Real Deal Los Angeles

RAIT Financial Sells Long Beach Retail Space for $5.2M

Buyer scoops up former home of Blue Cafe

January 28, 2016 02:30PM

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210-218 The Promenade North

210-218 Promenade North in Long Beach

There could be another music venue headed for Long Beach. Or a vegan restaurant. Or an office. 

P&O Properties shelled out $5.2 million for a 27,200-square-foot space in Long Beach that allows for multiple uses.

The seller, Philadelphia’s RAIT Financial Trust, listed the property at 210-218 Promenade North as office/retail. Blue Cafe, a music venue that used to be the tenant, closed in 2009.

Sean Lieppman and Noel Aguirre of Lee & Associates of Long Beach represented the buyer. Bill Maher and Greg Stumm of CBRE represented the seller. The transaction was financed by Don Smith of Sunrise Mortgage & Investment Company.  – Hannah Miet