August 16, 2016
Anaheim, CA-based Milan Capital Management acquired Park Tower, an 119,517-square-foot seven-story Class A office tower in Long Beach, CA for a reported $26 million. The asset was purchased from from Park Tower, LLC, an entity controlled by Investcorp.
Located at 5150 Pacific Coast Highway, Park Tower provides an upscale image and identity in an urban office environment, and features many walkable amenities and subterranean parking. The property boasts a diverse tenant profile, and is 93% occupied to 20 tenants including Childnet, Argus Medical Management and Omya/Lipscomb Chemical.
Cushman & Wakefield’s investment specialists Jeffrey Cole, Ed Hernandez and Nico Napolitano handled the sale transaction, along with C&W local market experts Robert Garey, Bob Alperin and Kimball Wasick.
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