SAN DIEGO, CA, April 05, 2014 /24-7PressRelease/ -- Marking its second major Southern California commercial real estate purchase in less than two weeks, San Diego-based Parallel Capital Partners, Inc. announced today it has acquired Shoreline Square, a premier Class A office tower overlooking the coastline at 301 East Ocean Blvd., in Long Beach, Calif. The property was purchased for $101.7 million from Guggenheim Real Estate.
Long Beach's first LEED Silver certified structure, the 20-story building is poised to achieve LEED Gold certification this year, and is part of a master-planned, mixed-use development in the heart of the city's Central Business District.
According to Matt Root, CEO of Parallel Capital Partners, the tower - originally developed in 1988 along with the adjoining 469-room Westin Long Beach Hotel - is located in the only waterfront central business district in the Los Angeles area, representing the location and quality of projects that his firm is focusing on acquiring.
"One of the most desirable coastal markets in the region, downtown Long Beach is undergoing a significant renaissance, and transforming from a maritime-centric economy into one of Southern California's most diversified and dynamic waterfront urban destinations to live, work and play," said Root. "Adding to its appeal, the property is in close proximity to the ports of Long Beach and Los Angeles - two of the most active ports in the nation - as well as a number of high-profile Pacific Rim companies."
Currently 90 percent leased, the 383,652-square-foot building is home to the General Services Administration U.S. Customs office, Comerica bank, Tidelands Oil (Oxy), Department of Defense offices and UBS Financial Services. "Since 2006, the project, which was renovated in 2008, has maintained average occupancy above 90 percent," Root added.
Root pointed to advantages for tenants of the LEED-Silver certified building. "With a 97 Energy Star score and high-efficiency plumbing fixtures that use 22 percent less water, its operating costs are reduced," he said. "On top of that, an advanced green cleaning program that promotes healthy indoor air quality and a comprehensive recycling and compost program are in the works as part of the process to step up to LEED Gold."
Situated with panoramic views of the Queen Mary, the Pike at Rainbow Harbor with its 30 shops, restaurants and clubs as well as Catalina Island, the property offers easy access to bus and light rail stations. It is within range of three airports, including Long Beach Airport only six miles away, and five Southern California freeways.
Site amenities include a fountain and seating area in the plaza connecting Shoreline Square to the Westin Hotel, banking facilities and restaurants as well as proximity to the Long Beach Performing Arts Center and Long Beach Convention and Entertainment Center. An above-market parking ratio of 3.5/1000 adds to the desirability for tenants, Root added.
The Shoreline complex is Parallel's second major investment in the region - the firm made one of last year's biggest Southern California deals with the $85 million acquisition of Bixby Office Park in Seal Beach.
This most recent purchase adds another important trophy asset to Parallel's growing portfolio. Last week, Parallel announced the $72.5 million acquisition - in a joint venture with Sam Zell's Equity Group Investments - of Wateridge Plaza in San Diego's Sorrento Mesa business hub.
Kevin Shannon of CBRE represented the sellers as broker; Parallel Capital Partners represented itself.
About Parallel Capital Partners, Inc.
Parallel Capital Partners, Inc. (parallelcapitalpartners.com) is a private, fully-integrated real estate investment and operating company focused on acquiring value-added and core-plus opportunities for its own account in primary and secondary markets west of the Mississippi, including Hawaii.
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