RAIT Financial Sells Long Beach Retail Space for $5.2M

Buyer scoops up former home of Blue Cafe

Jan.January 28, 2016 02:30 PM

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

Related Articles

Anthony Rozic, CEO of Goodman North America, HERE. Dennis A. Muilenburg, Boeing CEO

Goodman Group lands massive Boeing complex, with big conversion plans

CIM Group Founders, Shaul Kuba, Richard Ressler, and Avi Shemesh with a rendering of the project

Picture perfect: CIM Group nails down craft retailer Michaels at Mid-Wilshire complex

Bank of America Vice President and Senior Underwriter Paul Kim and the Hampton Inn

Nexus Companies refinances Long Beach Hampton Inn for $41M

From left: Saeed Nourmand, Michael Nourmand, Grant King and Richard Heyman

Relevant Group sues Nourmand & Associates’ founder, alleging extortion over hotel projects

Centennial founder and CEO Steven Levin with a rendering of the project

Centennial Real Estate approved for sprawling $300M mixed-use village

Apartment complex at 1435 Stanley Avenue and Raintree Partners CEO Jeffrey Allen (Credit: Apartment Finder)

Raintree Partners spends $79M on Glendale multifamily portfolio

LA Mayor Eric Garcetti

Down goes Measure EE: Property tax referendum routed at polls

CIM Group Founders, Shaul Kuba, Richard Ressler, and Avi Shemesh and 4750 Wilshire Boulevard (Credit: Google Maps)

CIM Group lists part of its Miracle Mile office campus