Redwood Partners buys Long Beach office campus for $60.5M

The Hubb was 88 percent leased upon closing

TRD LOS ANGELES /
Nov.November 20, 2018 12:00 PM
The Hubb

UPDATED, Nov. 26, 9:15 a.m.: Redwood Partners, a local investor based in Newport Beach, has picked up a recently renovated office campus in Downtown Long Beach for $60.5 million, adding to the recent flurry of real estate trades in the area.

A joint venture between Ocean West Capital and Singerman Real Estate sold the 210,482-square-foot campus at 100 West Broadway, the companies announced Tuesday.

The property, known as the Hubb, spans 210,480 square feet across two mirror-image buildings. It was renovated in 2016, and includes outdoor fire pits, seating areas and bike racks.

Upon closing, the property was 88 percent leased to tenants. Co-working giant WeWork is among the companies occupying space at the campus.

Redwood, led by Scott McCarter, bought the property as part of a 1031 exchange deal. It’s unclear what property they sold prior to the deal.

Bob Safai, Matt Case and Brad Schlaak at Madison Partners represented the buyer. Kevin Shannon,  Ken White, Rob Hannan, Laura Stumm and Michael Moll at Newmark Knight Frank represented the seller.

Long Beach has become an increasingly hot market in recent months, especially in the residential sphere. The city is currently evaluating building two high-rises on a 13-acre parking lot near the Long Beach Convention Center. Combined, there are more than 75 construction projects in the city’s pipeline as part of Mayor Robert Garcia’s “Building a Better Long Beach” initiative.


Related Articles

arrow_forward_ios
6156 Ramirez Canyon Road and 20 37th Place (Credit: Redfin)

This way to the beach: Homes next to ocean topped priciest sales

This way to the beach: Homes next to ocean topped priciest sales
First District Supervisor Hilda Solis (Credit: Rebecca Sapp/Getty Images)

LA County select reopening target date for restaurants and retailers

LA County select reopening target date for restaurants and retailers
Eric Garcetti orders a moratorium on LA commercial evictions (Photo credit: iStock photo)

Garcetti orders a moratorium on commercial evictions in LA

Garcetti orders a moratorium on commercial evictions in LA
LA promo

Coming Soon: The Real Deal Los Angeles’ Winter 2020 issue!

Coming Soon: The Real Deal Los Angeles’ Winter 2020 issue!
From left: Howard Schwimmer and Michael S. Frankel, with 1601 W. Mission Boulevard and 2757 E. Del Amo Boulevard (Credit: Google Maps)

Rexford Industrial adds to LA portfolio with $100M in acquisitions

Rexford Industrial adds to LA portfolio with $100M in acquisitions
Andrew McDonald and At Mateo in the Arts District

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more
3339 Exposition Blvd. and Asher Luzzatto

Luzzatto Co. assembling creative office hub in West Adams

Luzzatto Co. assembling creative office hub in West Adams
Jason Illoulian and the Cemex plant

Faring makes $30M assemblage play on WeHo/LA border

Faring makes $30M assemblage play on WeHo/LA border
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...