Salvation Army sells Long Beach office tower for $36M

The nonprofit unloaded the 12-story property, which it has owned for more than two decades

Aug.August 24, 2018 09:00 AM
180 E. Ocean Boulevard and Salvation Army National Commander David E. Hudson

The Salvation Army has sold its 12-story office tower in Long Beach, unloading the property that it has owned for more than 20 years.

Still, the $35.8 million trade was four times what the Salvation Army paid for the property, when it acquired it in 1995.

The 153-year-old institution sold 180 E. Ocean Boulevard to a Santa Fe Springs-based investor, Thrifty Oil Company. It marked the largest Class A office building sold in the South Bay city this year.

The nearly 200,000-square-foot tower was traded “at a significant discount to replacement cost,” according to Cushman & Wakefield, which represented Thrifty Oil in the sale. The sale comes out to around $180 per square foot.

The office building is in a prime location, near the Long Beach Convention & Entertainment Center, Shoreline Aquatic Park and numerous hotels. Thrifty Oil has plans to improve the now 34-year-old building, according to Cushman.

Long Beach saw its priciest multifamily trade in July, when IMT residential paid $123 million for the 291-unit Gallery 421 building nearby, at 421 W. Broadway. So far this year, there have been more notable multifamily trades than office trades in Long Beach.

Cushman agents Jeffrey Cole, Robert Garey, Ed Hernandez and Nico Napolitano represented Thrifty Oil.

Related Articles

La Mirada industrial building

Clarion pays $77M for La Mirada industrial project

510 Park Avenue and CEO of Monster Beverage Rodney Sacks

Monster Beverage affiliate guzzles down industrial project in San Fernando

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

Goodman Group lands massive Boeing complex, with big conversion plans

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