The 275,962-sf property at 310-340 Golden Shore Blvd., was developed in the mid-1980s and is on a long-term ground lease with the city of Long Beach, Kevin Shannon of Grubb & Ellis tells GlobeSt.com.
Shannon and David Coe represented the buyer and the seller in the deal, which included 9.5 acre of land, a three-level, 1,438-car parking structure and a 7.2-acre marina in a campus-like development.
"This is about the only campus project there," Shannon tells GlobeSt.com. "Everything else in Downtown Long Beach is vertical space." He says Hancock has owned the property since foreclosing on a loan on the project
.Abbey, which plans to move 25 employees into the building in October, says it needs the space to accommodate its growth over the past few months in addition to its planned expansion. The purchase brings the 12-year-old company's portfolio to a total of 42 properties and 4 million sq. ft. of space.
The Catalina Landing development is near the Queensway Bay development project, a $650 million redevelopment of 300 acres of waterfront land, including a 2,000 foot seawall, a two-level public esplanade, shops, restaurants and entertainment venues.
The office complex is adjacent to the Queensway Bridge and is home to Catalina Express, the primary ferry service to Catalina Island. It is close to the Long Beach Convention Center and the Pine Avenue, Shoreline Village and Long Beach Promenade retail and entertainment areas of Long Beach, which has undergone substantial redevelopment in the downtown area in recent years.
Besides the Catalina Express, tenants at Catalina Landing include the California Department of Fish and Game and National Healthcare Services.
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