Realm Group Acquires Downtown Long Beach Office Building
2011-12-21 · By Editor
Realm Group II, LLC of Newport Beach, CA has acquired, through its affiliated company Realm 200 Pine Holdings, LLC, the 200 Pine Avenue office and retail building located in the heart of downtown Long Beach. Realm acquired the property for $9,580,000 or $143 per foot. The 67,000-square-foot building contains 54,000 sf of office and 13,000 square feet of ground floor retail space. 200 Pine is situated at the corner of Pine Avenue and Broadway, just two blocks east of Ocean Boulevard. The building was 70% occupied with local and national tenants such as Ignify and XO Communications. In addition to the office, the project’s retail tenants include Octopus Restaurant and Gaucho Grill.
The prior ownership had recently renovated the building through an extensive exterior and interior re-imaging program totaling $3.2 million, which modernization incorporated contemporary design elements, colors and features attractive to today’s professional service, high tech and creative companies. The building features panoramic ocean and skyline views and also provides much sought after on-site parking. Although the property was renovated to Class A space quality, the asking rents are some of the more affordable rents in Southern California.
JR Pearce, of Realm Group, stated, “The building’s lower cost basis coupled with a new leasing team and strategy will allow us to better compete in the marketplace. We are excited about the recovery in the downtown Long Beach market and are already seeing a pickup in leasing activity.” Darrin Olson, also of Realm Group, added, “The property’s corner location at the center of the highly amenitized Pine Avenue Entertainment District, adjacency to the Long Beach Marina District, and downtown Long Beach’s regional location half-way between Los Angeles and Orange County, all make the project attractive to firms seeking a more central office location.”
The leasing brokers are George Thomson and Noel Aguirre of Lee & Associates.
About the Realm Group:
Realm Group is a joint venture between Realm Real Estate and The Bascom Group to acquire value-added office properties and develop office and multi-family buildings throughout Southern California in both urban and suburban submarkets. http://www.realmre.com.
About The Bascom Group:
The Bascom Group, LLC is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom sources value-added and distressed properties and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom has completed over $6.5 billion in multi-family and commercial value-added transactions since 1996, including more than 200 multifamily properties and 55,000 units. Bascom currently ranks among the top 50 multifamily owners in the U.S. Bascom’s subsidiaries and joint ventures include the Southern California Industrial Fund, Rushmore Properties, Bascom Portfolio Advisors, Bascom Northwest Ventures, Bascom Arizona Ventures, and the Realm Group. Bascom’s subsidiaries also include Premier Business Centers, the largest privately held executive suite company in the U.S. http://www.bascomgroup.com.