National Firm Sells 100% Occupied Trophy Asset in LA MSA
Long Beach, CA– Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, completed the sale of Bixby Point, a multi-tenant retail strip center located at 4000- 4040 Atlantic Ave. and 610-612 Carson St., Long Beach, CA. The deal closed at $10,265,000, or $905 per square foot. Director of Western U.S. Retail Devon Dykstra and First Vice President and National Director Michael Pakravan handled the transaction.
Matthews™ represented the seller, Bolour Associates, who was looking to dispose of the property in order to redeploy capital into new value-add opportunities. Agents generated multiple full-priced offers utilizing the firm’s proprietary database and marketing platform.
“Bixby Point is in a prime location, offering high visibility on the corner of Atlantic and Carson, and consists of attractive tenancy,” Dykstra said. “The location coupled with the competitive market helped us achieve a great price point for our client and trade at a 5.36 percent cap rate.”
The buyer, Babak Jebelli, received a six-tenant retail center in a thriving Los Angeles submarket with 100 percent occupancy. Currently, the asset features a variety of regional and national tenants, including FedEx, First Bank, and HiroNori Craft Ramen, among others.
“The transaction process was seamless and smooth, allowing for an efficient close for both parties,” Pakravan said. “After receiving several offers, we ultimately sourced a credible buyer who was able to perform.”
For more information on this closing or to contact Devon Dykstra and Michael Pakravan, please visit www.matthews.com.
About Matthews™
Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Founded in El Segundo, CA, and strategically positioned with over 400 agents and support staff in over 13 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.
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