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LONG BEACH-CA-Behringer Harvard REIT I Inc. of Dallas has acquired its second Los Angeles area asset, the 100,146-sf Downtown Plaza office building at 211 E. Ocean Blvd., for $17.8 million. The property, which was sold by Pacifica Real Estate Group of Laguna Hills, is a six-story class A building in Downtown Long Beach that was built in 1982 and was 100% occupied at the time of the sale. The transaction was brokered by Kevin Shannon of Grubb & Ellis, along with Bob Alperin, Robert Geary and Kim Wassick of Cushman & Wakefield, with all four representing the buyer and the seller. One of the attractions of the property, the buyer says, is that the building features flexible floor plates that enable it to accommodate full-floor or smaller tenants. In addition, “Downtown Plaza’s Ocean Avenue address is one of the more desirable in the South Bay area,” says Robert Behringer, chairman and CEO of Behringer Harvard. The building’s location adjacent to the Promenade pedestrian walkway and the Metro Blue Line also made it a desirable asset, notes Behringer, who points out that building tenants enjoy views of the Long Beach Harbor, the port, the city and the coastline.The building site is a block away from the Long Beach Convention Center and close to shopping, banking and restaurants along Pine Avenue. The Downtown Plaza acquisition follows Behringer Harvard’s $27.5-million purchase earlier this year of a 150,495-sf office building on 9.6 acres at 2383 Utah Ave. in El Segundo. The REIT’s other acquisitions to-date include office towers in Washington, Baltimore, Houston, Minneapolis, Atlanta, St. Louis and Denver. The company, which is based in the Dallas suburb of Addison, trades both publicly and privately via the independent broker dealer network and it generally invests in institutional quality holdings.

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