6:00am | The ArcoCenter, a pair of 460,000-square-foot Class A office towers at 200 and 300 Oceangate in downtown Long Beach, has been sold to Molina Healthcare, a publicly traded Long Beach-based medical provider and Arco Center’s largest tenant.
The deal was made public on Thursday by the Swig Co., a private real estate investment firm based in San Francisco, which previously owned the complex.
The Press-Telegram daily newspaper is one of the center’s other main tenants.
“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,” Jeanne Myerson, president and CEO of The Swig Co. said in a statement. “Successful completion of this sale allows us to focus on our goal of further building our portfolio in key markets,” she added.
Just last month, The Swig Co. completed the purchase of 595 East Colorado, an eight story office building on the Rose Parade route in downtown Pasadena, and the company is under contract to purchase a second office building in the Los Angeles area. The Swig Co. also owns buildings in SanFrancisco, Mountain View and Oakland, Calif. Its portfolio also includes properties in New York, New Jersey andsuburban Dallas.
Built in the early 1980s, Arco Center has been part of The Swig Co.’s national commercial real estatepor tfolio since 1986.