Just several years after it was acquired, a 112,115 square-foot office building in Long Beach has been placed back on the market. The listing by Cushman & Wakefield shows that the property is located at 249 E. Ocean Boulevard and could serve a value-add investor.
While Cushman & Wakefield did not share guidance pricing for the property, public records show that it was last acquired by Rockwell Properties in 2018 for $21.9 million, or about $195 per square foot.
The property was built in 1981 and stands ten stories tall. Additionally, the property offers 1.83 acres of land and 300 parking spaces.
Located in the heart of Downtown Long Beach, the building is also centrally located to a number of attractions and amenities, including the Long Beach Convention & Entertainment Center, the Terrace Theater and The Pike Outlets. Its close proximity to Long Beach Boulevard also provides exposure to more than 20,000 vehicles per day, according to the listing.
Currently, the property is 70 percent occupied by multiple tenants, including International City Bank, Avis, State Farm and Mahoney Law Group, among others. According to Cushman & Wakefield, many of the tenants have been at the property for a long time, with four having been there for more than 20 years.
However, the property’s zoning could also allow for a variety of value-add opportunities. The property’s zoning permits both multifamily and mixed-use redevelopment and conversion options. The property’s close proximity to the Metro A Line could also allow for a transit-oriented development at the site following the end of tenant leases.
“This investment represents an excellent opportunity to reposition this parcel by either retaining, demolishing, or renovating the office and developing a completely new mixed-use project utilizing the underdeveloped portion of the site. This is a landmark location for a premier, tourist-attracting showpiece development. The views are extraordinary, and the market and City support this type of redevelopment,” the listing states.