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 Article

arrow_forward_ios
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

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

Arman Gabay and The Springs shopping center in Palm Springs, part of the 14-property portfolio

Charles Co. secures $215M refi for retail portfolio

arrow_forward_ios