Jamison Properties Grows With $30M Buy

The 2600 Redondo building was 100% leased at the time of the sale, with three tenants including Long Beach Memorial Hospital and HealthCare Partners. Completed in 1988, the building stands on 5.44 acres of land, with entitlements to build another 100,000-sf to 150,000-sf office building. The location at the intersection of Redondo Avenue and Willow Street, is close to the 405, 110 and 710 freeways with easy access to the Long Beach Airport, downtown Long Beach, LAX, Downtown Los Angeles and Orange County.

Sidney calls the Long Beach Freeway Corridor submarket "the strongest office submarket in the South Bay," with business services, healthcare, logistics and the aerospace sector largely fueling the leasing market. The new asset adds to Jamison holdings in Long Beach that include the 125,000-sf 555 E. Ocean Ave. office building, which the company acquired in the spring of this year.

The Long Beach deal is the latest in a series of acquisitions this year for Jamison, which owns an estimated 20 million sf of office, medical office and other commercial properties in Southern California. It recently acquired the 136,000-sf Brunswig Square office building in the Little Tokyo district of Downtown, for example, and before that acquired a 101,000-sf office building at 901 Corporate Center Dr. in Monterey Park.

The 2600 Redondo Ave. building also adds to a growing portfolio of medical office buildings owned by Jamison, which early this year acquired a portfolio of medical offices totaling 198,000 sf. That deal was a group of three Orange County buildings on three separate hospital campuses in West Anaheim, La Palma and Huntington Beach.