Arco Center in Long Beach Sold for $81M

The Swig Company of San Francisco announced this month that it had sold the Arco Center in Long Beach, California to Molina Healthcare, a Long Beach‐based medical provider and Arco Center’s largest tenant, for $81 million, or $176 per square foot. Other major tenants include California State Lands Commission and California Marine And Intermodal Transportation System Advisory Council.

Built in 1983, the Arco Center is a 460,000 square foot Class A office complex located at 200 & 300 Oceangate in downtown Long Beach. It was largest office sale in Long Beach since the real estate peak of 2007, said real estate broker Kevin Shannon of CBRE Group in a Los Angeles Times article. The average asking rent per year is approximately $24 per square foot, according to CoStar Group information.

"Arco Center is a tremendous asset to which we have added value through proactive onsite management, leasing and strategic capital improvements and we are delighted that Molina, once the property’s major tenant, is now its owner," said Jeanne Myerson, president and CEO of The Swig Company. "Successful completion of this sale allows us to focus on our goal of further building our portfolio in key markets," she added.

"Molina Healthcare has been doing business in Long Beach for over 30 years, and this purchase reflects our continued commitment to operating here and serving the Long Beach community," said J. Mario Molina, president and CEO of Molina Healthcare, Inc. "Owning this property will allow Molina Healthcare to continue to expand and to provide quality health care to even more people."

For more news and information visit Blumberg Capital Partners.