Long Beach Tower Trades for $86M

Shoreline Square. Image courtesy of Paralell Capital Partners

Parallel Capital Partners has sold Shoreline Square, a 410,920-square-foot office tower in Long Beach, Calif., for $85.5 million. The buyer and co-managers are Jack Sitt Real Estate, along with Isaac and Solly Assa, founder of Assa Properties. Newmark brokered the sale on behalf of the seller. Citibank originated a $55.6 million, five-year loan for the acquisition.

Built in 1987, the 20-story tower last traded in 2014, when the now-seller bought it for $101.7 million, according to CommercialEdge data. The building went through a renovation process in 2008, with the previous owner also implementing several sustainability measures that led to the building attaining LEED certification to the Gold level. The previous ownership also renewed GSA’s lease at the property for 20 years.

The building is 92 percent leased to a diverse tenant mix, 52 percent being U.S. Government and municipal tenants. Parking is available at a ratio of 3.5 spaces per 1,000 square feet. Floorplates average 29,837 square feet. 

Located at 301 E. Ocean Blvd., the tower is right next to a metro station and the Long Beach Convention & Entertainment Center. Downtown L.A. is some 25 miles northwest, while Long Beach Airport is roughly 6 miles northeast. Many shopping, dining and entertainment options are available within a 2-mile radius.

Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Ken White and Rob Hannan, as well as Senior Managing Director Laura Stumm led the Newmark team that represented the seller in the transaction.