News Release: CBRE Announces $29 Million Sale of 68,845-SF Medical Office Building in Long Beach, California

Los Angeles – May 15, 2023 – CBRE has announced the sale of Atlantic Medical Center, a 68,845-sq.-ft, purpose-built medical office building in Long Beach, to a private buyer for $29 million.

CBRE’s Michael Longo, Mark Shaffer, Todd Tydlaska , Sean Sullivan, Anthony Delorenzo represented the seller, LA-based Jamison Properties, in the transaction.

Located at 701 East 28th Street, the four-story building is across the street from MemorialCare Long Beach Medical Center (LBMC).,. At the time of sale, the property was 92 percent occupied. The Children’s Clinic Family Health, a not-for-profit 501(c)(3) health center, occupies approximately 27% of the building. The rest is occupied by 14 other tenants providing various clinical medical services including general medicine, urgent care, obstetrics/gynecology, urology, neurology, on-site surgery and imaging.

“On-campus medical office properties remain well occupied and are in high demand from investors who recognize that for certain types of clinical medical uses, there is no replicating an in-person exchange with a doctor,” said Mike Longo, a Senior Vice President with CBRE in South Bay.

Constructed in 1981, the purpose-built clinical medical office building features a wraparound window line, 18,000-sq.-ft. floorplates and 375 on-site structured and surface parking spaces.

“In an uncertain market, capital continues to pursue well-located assets with strong underlying fundamentals like this purpose-built medical office building adjacent to MemorialCare Long Beach,” said Mark Shaffer, a Senior Vice President with CBRE in Glendale.

The building sits on a 3.04-acre site just minutes from Interstate 405, Long Beach International Airport and Willow Street Station. Long Beach is home to four major hospitals and several medical providers, and the healthcare industry employs over 33,000 residents, according to CBRE.

The Long Beach medical office market comprises 1 million sq. ft. across 21 buildings, with a low direct vacancy rate of 9.9%, according to CBRE Research.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

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