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Molina Healthcare buys Long Beach offices for $81 million

December 7, 2011 | 12:21 pm

200 and 300 Oceangate in Long Beach

One of Long Beach’s premier office complexes has been sold for $81 million to Molina Healthcare Inc., the property’s largest tenant.

Molina Healthcare bought two connected 14-story buildings at 200 and 300 Oceangate in the city’s central business district. It was largest office sale in Long Beach since the real estate peak of 2007, said real estate broker Kevin Shannon of CBRE Group Inc.

The brokerage represented the seller, the Swig Co. San Francisco-based Swig had owned the property, formerly known as Arco Center, since 1986.

Molina Healthcare's headquarters occupies about one-third of the 461,263-square-feet complex that lies between Ocean Boulevard and Shoreline Drive, across the street from the Long Beach World Trade Center, Shannon said.

It is more than 90% occupied by such tenants as the California State Lands Commission and California Marine And Intermodal Transportation System Advisory Council, according to real estate data provider CoStar.

RELATED

Long Beach World Trade Center sale stalled

Hollywood office tower sold to Hudson Pacific for $92.5 million

Historic Lake Avenue property sold in Pasadena

— Roger Vincent

Photo: Office buildings at 200 and 300 Oceangate in Long Beach.  Credit: Charlie Lenoir

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