Shoreline Buy
While a $102M transaction would be big in any universe, Parallel Capital Partners' acquisition of Shoreline Square is even more so because it's the company's second major SoCal purchase in less than two weeks. (No time to stop and smell the roses when you've got more roses to buy.) Last week, CEO Matt Root (above) gave us a heads-up about the San Diego investment firm's imminent close. Guggenheim Real Estate sold the 384k SF Class-A high-rise, 301 E Ocean Blvd in Long Beach, repped by CBRE's Kevin Shannon.
Overlooking the downtown Long Beach waterfront, the 20-story Shoreline Square was the city's first LEED Silver building, and is set to achieve LEED Gold this year. It's currently 90% leased; major tenants include the GSA US Customs office, Comerica Bank, Tidelands Oil, Department of Defense, and UBS Financial Services.
