Airport Plaza, a fully leased, 150,727 square foot office campus in Long Beach, has been placed up for sale. According to a marketing brochure from Newmark, which serves as the exclusive advisor, the property is offered for $33.98 million, or about $225 per square foot. Listing agents for the site include Newmark’s Kevin Shannon, Ken White and Scott Schumacher.
Airport Plaza is situated at 4900 and 4910 Airport Plaza Drive, and is currently owned by an entity linked to LNR Partners LLC, a subsidiary of Starwood Property Trust, according to public records.
The fully renovated campus has a full tenant roster, which includes City of Long Beach, Optum California, the Food Allergy Institute and Traffic Management Inc. Overall, the property has an average remaining lease term of approximately 4.7 years. Airport Plaza’s long-term ground lease agreement spans 50 years, courtesy of the City of Long Beach, which has demonstrated a track record of consistently extending ground leases.
Strategically positioned within the suburban Long Beach office market, Airport Plaza maintains direct access to the San Diego freeway, facilitating regional connectivity to both Los Angeles and Orange County. Airport Plaza is also within close proximity to a wide range of retail and restaurant amenities. Notably, the recently completed Douglas Park development offers a myriad of offerings, including the Long Beach Exchange, a 266,000 square foot retail destination.
This market has attracted prominent companies, such as Blue Shield, which recently consolidated into a 15,000 square foot space at nearby Aero Long Beach, streamlining their operations and benefiting from the central location. Additionally, the ongoing conversion of office buildings into alternative uses will contribute to a reduction in available inventory, further enhancing the value of properties in the area, the property listing shows.