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LONG BEACH, CA-A Long Beach flex-tech complex has a new owner, as an investment group has snapped up the property for $10.2 million. Built in 1986, the multi-tenant complex encompasses 119,576 sf. Its major tenants include Project Head Start, Pactel Meridian Systems and Biomedical Applications. The property is located at 105-61 Victoria St.

The seller, AP Victoria LLC, was represented by Mike Hefner of Voit Commercial Brokerage’s Anaheim Metro office. Hefner also represented the buyer, Victoria Realty Investors LLC, which needed to meet a 1031 tax-deferred exchange.

“The business park is a well-located institution-quality project, which will be held as a long-term investment,” Hefner says.

Demand for industrial space continues throughout the county, as the area is beginning to see a turnaround in the manufacturing decline. Last week, Guthrie Development Co. announced that it has begun construction on a six-building industrial complex in Rancho Santa Margarita. The development will consist of six buildings that will rise on a 3.6-acre parcel at the corner of Arroyo Vista and Valeroso. Completion is slated for January 2002.

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