Newmark, as exclusive advisor, is pleased to present the opportunity to acquire the leasehold interest in Airport Plaza, a 150,727-square-foot, 100% leased two-building office campus with an in-place, assumable 3.988% interest rate loan. Located within the well performing Suburban Long Beach office market, Airport Plaza has direct access to the San Diego (405) Freeway, and superb regional access to both Los Angeles and Orange County.
The fully renovated campus offers a secured in-place cash flow with average remaining lease terms of approximately 6.82 years with a solid credit tenant roster representing a diversity of industries including the City of Long Beach, Optum California (formerly Healthcare Partners), Food Allergy Institute and Traffic Management, Inc. The rent roll has no lease expirations in the first three years and only 15% expiring within the first five years.
Airport Plaza’s 50-year ground lease terms are highly favorable with rent payments representing only 3.9% of the total project’s collected gross rents.