Shopping for a deal, Fortress sells Vons-leased property in Long Beach

New York-based Fortress, which has only dabbled in LA real estate, sold to Fort Ashford Funds

Fort Ashford Managing Director Susan Kavanaugh and 600 E. Broadway in Long Beach
Fort Ashford Managing Director Susan Kavanaugh and 600 E. Broadway in Long Beach

Fortress Investment Group sold a Long Beach commercial property with a Vons supermarket as a long-term tenant.

Newport Beach-based investor Fort Ashford Funds acquired the property for $29 million, according to the Los Angeles Business Journal.

The 48,000-square-foot property is located at 600 E. Broadway. Vons has 19 years remaining on its lease.

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Fortress is a New York-based asset manager that was purchased by Softbank Group in December 2017 for $3.3 billion. The firm is most active in the New York market, but has made some plays in Los Angeles-area plays. Or at least, tried to.

Fortress’ last big move in L.A. went bust. The firm was in contract to buy a Brentwood high-rise office for $58 million, but the deal fell apart in December, sources told The Real Deal.

Its biggest deal locally before that was a $40 million acquisition on a Burbank office building made in partnership with Ocean West Capital Partners, an El Segundo firm. [LABJ] Dennis Lynch