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Redwood Partners buys Long Beach office campus for $60.5M
The Hubb was 88 percent leased upon closing
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.