{"id":1004207265,"date":"2018-02-16T01:05:44","date_gmt":"2018-02-16T09:05:44","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004207265"},"modified":"2022-12-08T11:36:50","modified_gmt":"2022-12-08T19:36:50","slug":"brookfield-sells-socal-office-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/brookfield-sells-socal-office-asset\/","title":{"rendered":"Brookfield Sells SoCal Office Asset"},"content":{"rendered":"<p>By Razvan Cimpean<\/p>\n<div id=\"attachment_1004207266\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/1501-Hughes-Way-in-Long-Beach-Calif..png\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004207266\" data-attachment-id=\"1004207266\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/brookfield-sells-socal-office-asset\/1501-hughes-way-in-long-beach-calif\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/1501-Hughes-Way-in-Long-Beach-Calif.-e1518704429464.png\" data-orig-size=\"576,433\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"1501 Hughes Way in Long Beach, Calif.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;1501 Hughes Way in Long Beach, Calif.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/1501-Hughes-Way-in-Long-Beach-Calif.-e1518704429464.png?w=576\" loading=\"lazy\" class=\"wp-image-1004207266 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/1501-Hughes-Way-in-Long-Beach-Calif.-e1518704429464.png\" alt=\"1501 Hughes Way in Long Beach, Calif.\" width=\"300\" height=\"226\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/1501-Hughes-Way-in-Long-Beach-Calif.-e1518704429464.png 576w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/1501-Hughes-Way-in-Long-Beach-Calif.-e1518704429464.png?resize=300,226 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004207266\" class=\"wp-caption-text\">1501 Hughes Way in Long Beach, Calif.<\/p><\/div>\n<p>Atlantic Pearl Investments has acquired a 78,000-square-foot Class A office building in Long Beach, Calif., from Brookfield Properties. The asset, 88 percent occupied at the time of sale, changed hands for $13.4 million.<\/p>\n<p>The four-story property, completed in 1982, is located at 1501 Hughes Way, near the intersection of interstates 710 and 405. Tenants include Stars Behavioral Health Group, ERP Integrated Solutions and Daylight Transport. The building offers easy access to multiple bus stations and hotels, including DoubleTree by Hilton and Cove Hotel.<\/p>\n<p>CBRE\u2019s Mark Shaffer, Anthony DeLorenzo, Gary Stache and Doug Mack negotiated the deal on behalf of the seller.<\/p>\n<p><em>\u201cLong Beach and Southern California have gone through a tremendous recovery. High net-worth investors are ceasing opportunities to buy office properties with good in-place cash flow at rents that have not yet met or exceeded the previous peak, offering the potential for significant upside,\u201d<\/em> Shaffer said in prepared remarks.<\/p>\n<p>In December, Brookfield closed one of the <a href=\"https:\/\/www.commercialsearch.com\/news\/houston-center-trades-for-875m\/\">largest Houston office transaction<\/a> ever with the acquisition of the 4.2 million-square-foot Houston Center.<\/p>\n<p><em>Image courtesy of CBRE<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Atlantic Pearl Investments purchased the Class A, 78,000-square-foot Long Beach property. CBRE negotiated the deal on behalf of the seller.<\/p>\n","protected":false},"author":753,"featured_media":1004518014,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,1594,21742,21747,15],"tags":[33497,32789,36482],"class_list":["post-1004207265","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-los-angeles","category-latest","category-office","category-west","tag-brookfield-properties","tag-cbre","tag-gary-stache"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Brookfield Sells SoCal Office Asset - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/brookfield-sells-socal-office-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brookfield Sells SoCal Office Asset\" \/>\n<meta property=\"og:description\" content=\"Atlantic Pearl Investments purchased the Class A, 78,000-square-foot Long Beach property. 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