Adler Realty Investments announced sale of its International City Bank Building in Long Beach, CA
Los Angeles (Jan 13, 2018) – Adler Realty Investments, Inc. (Adler) announced the sale of its International City Bank Building in Long Beach, Ca. The 110,000 square foot, ten story office building is located at the premier corner of Long Beach Blvd and Ocean Avenue and was sold to a private investor.
Adler, who acquired the project in 2003, fully renovated the buildings systems and common areas over the years while maintaining high occupancy. Adler successfully restructured the debt to enable the company to carry the project through the economic downturn.
“We are happy with the recovery of the property’s value since the collapse of the real estate market, and the cash flow produced from the property during our ownership” said Michael Adler, president of Adler Realty Investments. “while we owned the property for a longer period than originally anticipated, our commitment and expertise allowed us to provide a nice profit to our investors “
The sale was an off market transaction with Noel Aguirre, of Lee & Associates and Jorge Yamzon of Remax , bringing the sale together.