Fixer-upper.

In an off-market deal, Newport Beach-based Realm Group, an investment and development company, has picked up a dilapidated Long Beach office building for $9.6 million.

At about $143 per square foot, the purchase of the 67,070-square-foot building at 200 Pine Ave. might seem like a bargain, but the building needs significant work.

JR Pearce, a principal of Realm, said the building's HVAC, roof and elevators have not been maintained for some time, so the company is spending $3.2 million on upgrades that should be completed by year's end.

The building is 79 percent occupied and its 13,200 square feet of retail space is fully leased to two eateries.

Realm purchased the building May 30 with partner Irvine-based Bascom Group LLC from seller Ensemble Real Estate Services LLC of Phoenix.

Ensemble, a real estate development, investment and management firm, purchased the building as part of a two-property portfolio in May 2007 for $21 million.

Ensemble did not return calls seeking comment.

"We buy ugly buildings in pretty locations," Pearce said. "We try to buy Class C buildings or below and do an extensive re-imagining. We want to try to bring it up to the B market."

Robert Alperin of Cushman & Wakefield Inc. represented Realm and the seller represented itself in-house.

Staff reporter Daniel Miller can be reached at [e-mail] or [phone], ext. 263.