Ensemble Real Estate Services LLC has purchased a historic property in Long Beach, Calif., for $9.5 million. Built in 1906 and listed on the National Register of Historic Places, the six-story building at 115 Pine Ave. features a unique clock tower that is a familiar landmark in the area.
The building, which sits at the gateway to downtown Long Beach, adds to Ensemble's portfolio in Southern California.
“With the addition of 115 Pine Ave., and our recent acquisition of 200 Pine Ave., Ensemble has established a major presence in downtown Long Beach,” says Roni Gould, senior vice president.
The historic office building is 91% occupied. Tenants include the law offices of Johnson, Cebula & Rygh as well as the eateries L'Opera Ristorante and Allegria.
Besides the new 67,211 sq. ft. acquisition and a building at 200 Pine Ave., Ensemble also owns 110 Pine Ave. and 444 W. Ocean Blvd. in Long Beach.
The firm, which originated in Phoenix, specializes in acquiring, developing and managing commercial and medical properties. Part of Ensemble's strategy is to finance and develop healthcare facilities that the firm leases back to physicians, hospitals and medical groups. It has offices in several cities.
Ensemble owns more than 2.6 million sq. ft. of properties located in Southern California, Arizona and Nevada.