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LONG BEACH, CA-A joint venture of LWSC LLC and Brentwood, Calif.-based Shaghan Securities acquired a 47,511 square-foot piece of land in Downtown Long Beach for $2.9 million and assumed control of a 62-year ground lease on a nine-story, 124,000-sf office building on the parcel.

Jon Beuder and Mark Brunner of Cushman & Wakefield, who brokered the sale, say the deal went through after a previous buyer backed out of the deal. The investment group acquired the land from Mitchell Land & Improvement Co. 13 days after the initial buyer backed out.

The land parcel includes the Class B office building at 555 E. Ocean Blvd., which was built in 1968 and is undergoing renovations. Tenants include People’s Bank, Long Beach Symphony Orchestra, Kinkos and Subway.

Beuder says that the quick closing after the initial buyer backed out indicates the high level of interest by investors in Southern California for real estate investments in suburban office markets.

The buyer was represented by Greg Cortese of The Royston Group.

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