CBRE Arranges Long Beach MOB Sale
- Jul 05, 2017
CBRE Group Inc. has arranged the sale of a 26,293-square-foot medical office building in Long Beach, Calif., to a private investor for $6.5 million. The building was 91 percent occupied at the time of the transaction by a variety of tenants, including LabCorp, with an average lease term of four years.
Located at 2690 Pacific Ave., with easy access to interstates 710 and 405, the property is adjacent to the Long Beach Memorial Medical Center. CBRE’s Mark Shaffer, Gary Stache, Anthony DeLorenzo and Doug Mack represented the seller, Davis Harouni of Western Building LLC. Chris Isola of CBRE represented the buyer.
“The building is located within a strong medical office market with a dense patient population,” said Shaffer in prepared remarks. “This transaction represented a unique opportunity for the buyer to acquire a medical office building with a high occupancy rate in a mission-critical location.”
Health services is an employment sector that has grown every year, according to CBRE Research, driving demand for medical facilities, which was in turn fuelled by private investors, 1031-exchange and foreign buyers. CBRE has recently transacted another L.A.-area medical office building for $5.4 million.
Image courtesy of CBRE