Business & Tech
Look Who's Bullish On Long Beach
Foreign investment bank reportedly buys Park Tower on PCH as part of a $300 million purchase in U.S.
The Park Tower office complex in Alamitos Heights has been reported bought by a bank in Bahrain as part of its investment in U.S. real estate.
A story in Bahrain's Gulf Daily News today says that the bank, Investcorp, has put $300 million into U.S. property this year, and that the acquisition of the seven-story Long Beach building, at 5150 E. Pacific Coast Highway, follows Investcorp's recent purchases of a health center in Boynton Beach, Fla., and a 15-building residential complex in Atlanta.
Investcorp president for Gulf business, Mohammed Al Shroogi, was quoted by the Daily News as saying that the buildings "lie in often overlooked real estate markets where it is easier to secure private deals at attractive valuations" and that these recent purchases "complement our growing mix of investments selected for their strong and stable tenant histories, ties to growing metropolitan communities, and above market cash yields."
Interested in local real estate?Subscribe to Patch's new newsletter to be the first to know about open houses, new listings and more.
A Residence Inn in Manhattan Beach was reported among five other properties purchased by Investcorp in the U.S. earlier this year.
Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.