Jamison Buys Long Beach Office Buildings

California Market Center owner Jamison Properties of Los Angeles has closed escrow on two Long Beach, Calif.–area office properties.

The real estate company, headed by Dr. David Lee, paid $17.2 million for a 231,000-square-foot building at 555 Ocean Ave. and $16.8 million for an office complex in nearby Signal Hill, according to CB Richard Ellis, the real estate broker that represented the seller and Jamison.

Lee said he likes the long-term fundamentals of the Long Beach market due to the increased influx of residential and retail development.

The Ocean Avenue property is a nine-story, 125,000-square-foot class-B office building in downtown Long Beach, near the Shoreline Village shopping and entertainment venue. The building is home to the popular 555 restaurant and is about 85 percent leased.

The Signal Hill property is in the 2500 block of Cherry Avenue and includes the Towne Center Office Park, two low-rise class-B buildings of 106,000 square feet. The buildings also are about 85 percent leased.

Jamison’s Southern California portfolio now totals about 20 million square feet. —Robert McAllister