Former Charter Communications Building Sold for $6.1 Million
Long Beach Property Sold to Orange County Investment Firm
An Orange County-based private real estate investment firm has purchased a highly improved creative flex/office building in Long Beach that formerly housed a division of Charter Communications, one of the nation’s largest cable TV, telephone and high-speed internet providers, in a transaction valued at $6.1 million, Colliers International has reported.
Lotus Real Estate Partners, a private investment and development firm based in Irvine, California, purchased the 83,096-square-foot building from Charter and will market the structure as creative office space, a property category that mixes office, creative uses and design spaces in one building, according to Colliers Senior Executive Vice President Clyde Stauff, who represented Lotus in the transaction.
“This is the type of space that has seen a huge surge in demand over the past two years as companies associated with the entertainment industry, online gaming, development of internet applications and others continue to seek non-traditional office and design space,” said Stauff. “In fact, according to our own research, the demand is growing at such a pace that many companies that have been priced out of the Westside office market are looking at Culver City, the South Bay and Long Beach, which provide affordable and convenient alternatives.”
Located on a nearly four-acre parcel at 4031 Via Oro, the building, which was constructed in 1985, will undergo a complete renovation, according to Stauff. The building is comprised of approximately 73,000 square feet of office space and 10,000 square feet of warehouse space.
Stauff represented Lotus in the purchase of the building., DTZ’s Scott Becket represented Charter Communications, the building’s owner.