Trust Pays $2.4 Mil for Long Beach Offices

LONG BEACH, CA-A family trust has paid $2.4 million for a 26,388-sf office building here, the latest in a string of local purchases involving small- and mid-size investors.

The low-rise building stands at 3530 Atlantic Ave. It was fully leased at the time of the sale, according to brokers involved in the transaction.

The buyer is the private Reiman Family Trust, which also is based in Long Beach. The property was sold by B.H. Properties, a private real estate investment group headquartered in Brentwood.

Stephen A. Sanders and Jim Messinger of Grubb & Ellis’ Anaheim office represented B.H. Properties in the transaction. Doug Shea of Inco Co. represented the trust.

Though few large office sales have occurred in Long Beach over the past several months, small- and mid-size investors have remained fairly active in the area. Local brokers note that the city’s diversified economy and relatively little new construction have kept it from suffering as much as some other LA County office markets in the current downturn.

A recent report by Cushman & Wakefield says that Long Beach had positive net absorption of 70,000 sf in the third quarter, better than any other South Bay submarket.