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Real estate briefly: ValueRock Realty acquires Long Beach building for $24M

Saheli February 19, 2017 Real Estate Comments Off on Real estate briefly: ValueRock Realty acquires Long Beach building for $24M
Real estate briefly: ValueRock Realty acquires Long Beach building for $24M

Irvine-based ValueRock Realty Partners, a real estate investment and operating company, has acquired a two-story office building at 6700 E. Pacific Coast Highway in Long Beach. The firm acquired the 76,939-square-foot coastal infill property for $24 million from Colton Cos. Built in 1983, the property known as Congressional Place is fully occupied. It’s home to Morgan Stanley and Wells Fargo, among others. Congressional Place is located across the street from the Long Beach Marina.

HOM Sotheby’s International Realty sold a four-unit apartment complex in Sunset Beach for $1.28 million. The buyer was Matthew Wright. The complex at 16784 Pacific Coast Highway was owned by Rowland and Carole Hodge. Mike Thornton of HOM’s Huntington Beach office represented the sellers in this transaction.

New ventures

Ladera Ranch-based Money360 has debuted a commercial real estate debt fund managed by affiliate M360 Advisors with the South Korea Financial Supervisory Service (FSS). The FSS registration allows South Korean hedge funds, corporations, pension funds, insurance companies and other institutional investors to participate in the fund. M360 anticipates receiving more than $250 million in aggregate funding throughout the first half of 2017. M360 Advisors works with foreign investors from South Korea, China, Singapore, South Africa, Europe, Canada, the Netherlands and Kuwait. South Korea is the latest in the company’s strategic business plan to bolster its global reach, with an intensified push into South Africa and China planned in the near future, according to a company statement.

Savills Studley has acquired Cresa Orange County, a real estate advisory firm for tenants based in Newport Beach. Part of London-based Savills plc, Savills Studley has had an office in Orange County since 1987, and was founded by Executive Vice President Royce Sharf. He, along with Pat Murphy at Cresa, will co-manage the expanded operation. Murphy, former managing principal, has been named senior vice president and branch manager. Savills Studley’s existing Irvine office and the former Cresa Newport Beach office will consolidate into a single workplace midyear. Together, the group will continue to provide tenant representation, transaction management, project administration and workplace solutions to occupiers across all industries, with a particular emphasis on the aerospace, technology and professional services sectors. Between the two offices, there will be a total headcount of 56.

The real estate briefs are compiled by contributing writer Karen Levin and edited by Samantha Gowen, business editor at the Register.

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[Source:-The range Country Registre]

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