Rockwell Properties Selling Long Beach Office Building With Eye To Redevelopment
Rockwell Properties is looking to sell a Long Beach office building it purchased in 2018.
The building at 249 East Ocean Blvd. is across the street from Long Beach's Convention Center and walking distance to downtown destinations. Marketing materials prepared by Cushman & Wakefield did not include a price for the property, according to The Registry SoCal, but Rockwell paid $21.9M when it bought the 112K SF building.
The 10-story building opened in 1981. It is 70% occupied, with tenants including International City Bank, Avis, State Farm and Mahoney Law Group. Office vacancy in Long Beach's downtown was 23% in the first quarter of the year, according to Newmark.
Marketing material suggest redevelopment possibilities for the building.
"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," materials say. "This is a landmark location for a premier, tourist-attracting showpiece development."
The property is zoned to accommodate multifamily and mixed-use development. It is a few blocks from stops on Metro's A Line, which connects downtown Long Beach with Downtown Los Angeles. The property is also a few blocks from the waterfront.