2600 REDONDO AVE
LONG BEACH, CA
100% Leased, Purpose-Built Medical Office Building on 5.7 Acres of Land with 66% Investment Grade Tenancy
CAPITAL MARKETS | INSTITUTIONAL GROUP
CBRE
The Offering
CBRE Capital Markets, as exclusive advisor, is pleased to present the opportunity to acquire the fee simple interest in 2600 Redondo Avenue, a six-story, three-tenant, 100%-leased, 153,172-square-foot medical office building located on 5.71 acres in suburban Long Beach, CA. Investors stand to benefit from an interconnected “sticky” medical rent roll providing 66% investment-grade credit tenancy with a compelling mark-to-market opportunity upon tenant rollover, with in-place rents 23% below market. The essential-use tenants face high barriers to exit, with significant ongoing investment into their spaces, and hard to get permits in-place.
The Long Beach medical office market has markedly outperformed other Southern California submarkets with tightening vacancy rates (3.5% in Q2 2023, down 9.8% since 2013) and dwindling supply (no new inventory over the last 10 years), according to CBRE Research, Q2 2023. The location provides regional access to an aging population and neighboring synergistic medical companies.
The Seller is offering the Property with an opportunity to assume an attractive $37 million, 3.87% interest-only loan, maturing in July 2026.
PROPERTY OVERVIEW
ADDRESS: 2600 Redondo Ave., Long Beach, CA
ZONING: Planned Development
– 15 (Redondo Ave)
PROPERTY TYPE: Purpose-Built Medical Office
# OF STORIES: Six
BUILDING SIZE: 153,172 SF (BOMA)
YEAR BUILT: 1989
LOT SIZE: 5.71 Acres
WALT: 3.2 Years
OCCUPANCY: 100% (66% Investment Grade)
PARKING: 537 Surface Stalls (4.0/1,000 SF)
Executive Summary | Confidentiality Agreement
Contact Information
INVESTMENT ADVISORS
Mike Longo
Senior Vice President
+1 310 363 4906
Lic. 01887292
michael.longo@cbre.com
Todd Tydlaska
Executive Vice President
+1 310 363 4902
Lic. 01329711
todd.tydlaska@cbre.com
Sean Sullivan
Executive Vice President
+1 310 363 4910
Lic. 01199428
sean.sullivan@cbre.com
Melissa Moock
Senior Associate
+1 310 363 4937
Lic. 01987890
melissa.moock@cbre.com
Mark Shaffer
Senior Vice President
+1 213 613 3758
Lic. 01253743
mark.shaffer@cbre.com
John Scruggs
First Vice President
+1 949 725 8592
Lic. 01796826
john.scruggs@cbre.com
U.S. HEALTHCARE CAPITAL MARKETS
Chris Bodnar
Vice Chairman
+1 720 635 2653
Lic. 01892501
chris.bodnar@cbre.com
Zack Holderman
Senior Vice President
+1 858 546 4670
Lic. 01434957
zack.holderman@cbre.com
OFFICE LEASING EXPERTS
Tim Vaughan
Senior Vice President
+1 310 363 4888
Lic. 00902652
tim.vaughan@cbre.com
Dave Smith
Senior Vice President
+1 310 363 4887
Lic. 00991425
dave.smith@cbre.com
DEBT & STRUCTURED FINANCE
Greg Grant
Senior Vice President
+1 310 363 4935
Lic. 01844513
greg.grant@cbre.com
PeteObradovich
Associate
+1 949 338 9325
pete.obradovich@cbre.com
CAPITAL MARKETS | INVESTMENT PROPERTIES
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