2180 Temple Ave, Long Beach, CA 90804
48,191 SF | 100% Leased | Industrial Building | Long Beach, CA 90804 | $10,699,000 ($222/SF) | 4.91% Cap Rate
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $10,699,000
- Property Type
-
Industrial
- Price / Square Foot
- $222
Listing Contacts
Andrew Defendis
Verified Profile
Mark DeGiorgio
Verified Profile
- Property Info
Property Overview
Institutional Property Advisors (IPA), a division of Marcus & Millichap, as an exclusive advisor proudly presents the exceptional investment opportunity to acquire 2180 Temple Avenue & 2880 Hill Street in Long Beach, California (“The Property”). The first time this infill opportunity has been made available in 26 years! This offering comprises of one masonry-constructed building totaling 48,191 square feet of versatile warehouse space. The Property is 100% NNN leased to four (4) tenants with the largest tenant, Clarendon Specialty Fasteners (Parent: $4.84B Market Cap being credit), occupying 41% of the Property and driving nearly 50% of the revenue. In addition, the tenants have a weighted average occupancy of over 13 years. The Property has below market in-place triple-net leases providing significant value-add upside (mark-to-market & BOMA) that can be fully realized by September 2026. This asset is also ideally suited for an owner-user with the ability to occupy 22,950 SF (56% of GLA) by August 2025, qualifying for SBA Financing. Situated in a prime infill Long Beach location, on top of Signal Hill, the Property enjoys unparalleled accessibility and visibility with direct connections to major transportation arteries including the 405 and 710 Freeways. The Property also has convenient proximity to The Long Beach Municipal Airport, the Port of Los Angeles, and the Port of Long Beach.
Property Details
- Class
- C
- Year Built/Renovated
- 1960/2021
- Stories
- 1
- Property Subtype
- Distribution
- Lot Size (sq. ft)
- 54,450 SF
Highlights
- 100% NNN Leased Multi-Tenant Industrial Opportunity with significant upside
- Credit tenancy
- Owner-User Optionality
- Direct Access to major transportation nodes including the 405 and 710 freeways, Long Beach Airport and the Port of Long Beach
- Irreplaceable Location: Located on top of Signal Hill but incorporated in Long Beach
- Functional Ceiling Heights and Ground-Level Doors: 9 ground-level doors and a max ceiling height of over 18’
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