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Holland Partners has acquired Congressional Place, a 73,769-square-foot office building in Long Beach, from ValueRock Realty for $41 million. Holland plans to redevelop the property into apartments. ValueRock plans to roll the proceeds from the sale into a 1031 exchange deal.

Located at 6700 East Pacific Coast Highway, Congressional Place is a two-story building on 2.5 acres with views of the marina and ocean. It is near several major freeways and has a high walkability rating. All of these details made it an ideal location for a multifamily project. Newmark managing director Anthony Muhlstein, one of the brokers that worked on the deal, said, “Given the disparity between office and multifamily market fundamentals and favorable zoning, office is no longer the highest and best use of this property.” Muhlstein represented the seller in the deal along with Newmark senior managing director Chris Benton, co- head of capital markets Kevin Shannon, vice chairman Bill Bauman and executive managing directors Ken White and Sean Fulp.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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