Jamison Properties Expands So. Cal Portfolio with Long Beach Acquisition
10 Nov, 2006, Long Beach
Cushman & Wakefield Handles $30 Million Transaction
Jamison Properties, a Los Angeles-based privately held real estate investment and management firm, has acquired the 150,000-square-foot building at 2600 Redondo Avenue in Long Beach, California. Cushman & Wakefield’s Richard Plummer, Michael Sidney and Andrew Harper represented Long Beach/Signal Hill Partners LP, the seller of the building, in the transaction valued at $30 million. Jamison Properties represented themselves.
The 2600 Redondo Medical Office Building was 100 percent leased at the time of sale, with three tenants including Long Beach Memorial Hospital and HealthCare Partners. Completed in 1988, the building stands on 5.44 acres of land, with entitlements to build another 100,000 to 150,000-square-foot office building. The location at the intersection of Redondo Avenue and Willow Street provides proximity to the 405, 110 and 710 freeways with easy access to the Long Beach Airport, downtown Long Beach, LAX, downtown Los Angeles and Orange County.
“The Long Beach Freeway Corridor submarket is the strongest office submarket in the South Bay region, with business services, healthcare, logistics and the aerospace sector largely fueling the leasing market,” says Michael Sidney, a senior director at Cushman & Wakefield’s Los Angeles South Bay office.
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Cushman & Wakefield is the world’s largest privately held real estate services firm. Founded in 1917, the firm has 195 offices in 55 countries around the globe, and 11,000+ talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, please call 1-213-955-5100, or visit the firm’s Web site at www.cushmanwakefield.com.
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