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Large Southern California transactions made two weeks apart

A company called Parallel Capital Partners has just made an office acquisition for $102 million in Long Beach. This most recent purchase consisted of buying 383,700 square feet of property with a 20 story tower and it marks the second acquisition that the company has made in Southern California in just two weeks.

There apparently was plenty of competition in buying this piece of commercial real estate. It is in the only central business district along the waterfront in Los Angeles. The square where the property is located was built-in 1988 and has undergone renovations in 2008. The building has had more than a 90 percent occupancy level during the past eight years.

Parallel Capital's other recent purchase occurred in San Diego in late March. The company at that point purchased for $72.5 million a 280,000 square foot office campus. It has been pointed out that this was not a simple undertaking. "There is a tremendous amount of capital pursuing premier properties - especially in Southern California," the CEO for Parallel Capital stated. The company is also pursuing properties in other major metropolitan areas as well across the country.

A large number of legal considerations will have to be made when making a purchase of this size. Agreements will have to be negotiated and prepared, financing will have to be in place, zoning considerations will have to be taken into account and federal and state tax issues will have to be addressed. It takes an experienced real estate attorney to coordinate all of this activity.

There is too much at stake when such transactions occur to allow for these matters to be handled sloppily.

Source: Commercial Property Executive, "Parallel Acquires 384 KSF LA Area Office Tower for $102M," Barbra Murray, April 4, 2014

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