A pair of suburban two-story office buildings near Long Beach Airport has sold for $29 million.
An affiliate of West Coast Capital Partners, based in Torrance, sold the two buildings with a combined 125,800 square feet at 5000 and 5001 Airport Plaza Drive, the Long Beach Business Journal reported. The price was $231 per square foot.
The buyer was LB5000, based in Mid-Wilshire, which paid 40 percent more than when the properties last traded in 2019.
The building at 5000 Airport Plaza contains 73,800 square feet; the building at 5001 Airport Plaza contains 52,000 square feet, according to Loopnet.
The 2.7-acre property has a 46-year ground lease with the city of Long Beach.
Brokers Kevin Shannon, Ken White and Scott Schumacher of Newmark represented the seller, with Sean Fulp and Ryan Plummer assisting with the deal.
The buildings, which recently received $1.5 million in capital upgrades, are fully leased to 19 tenants, including the Federal Aviation Administration, Advanced Medical Management and NACA Logistics.
Vacancy in the suburban Long Beach office market is high and only slightly better than the downtown Long Beach market, according to Cushman & Wakefield. At the end of the second quarter, suburban office vacancy was 22.9 percent, up slightly from 21.9 percent in the previous quarter.
In a statement, Shannon said the suburban Long Beach office market has benefitted from “industrial conversions in office markets near the ports.”
— Dana Bartholomew
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