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6/14/17
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In a recent adaptive re-use deal out of Long Beach, the Security Pacific National Bank Building, an historic office high-rise in the city’s downtown, was acquired by an unnamed investor for possible conversion to residential units.
Built in 1925, the property is a 13-story former office building located at 110 Pine Ave. It sits four blocks from the pier and across from the Downtown Long Beach Metro. The property is entitled to be converted into 118 residential units, but the buyer has not yet revealed their exact plans for the building.
The building was delivered to the buyer vacant of office tenants and comes with a 150-space parking structure located on 1st Street. The Federal Bar, a well-known restaurant and “speakeasy,” occupies 16k sf of ground floor and basement-level space. The venue offers full restaurant services and the basement space contains the original bank vault used as a VIP lounge. The Federal Bar will continue operations through construction.
CBRE’s Laurie Lustig-Bower and Kadie Presley Wilson represented the seller, Grand Pacific 7-28 LLC, a local private investor. The buyer was repped by John Buckley Gordon of Irish Commercial Brokerage and Barry Beitler of Beitler Commercial.
According to Lustig-Bower, “The new project will offer both ocean and city views. In addition, this property is an ideal location to take advantage of all the growth and the best Long Beach and this area has to offer.”
The City of Long Beach has increasingly become a driver of the overall economic growth in the South Bay area, according to CBRE Research. New investments in Downtown Long Beach such as the new Civic Center, City Place, the Pike Outlets and the Aquarium expansion are helping drive revitalization efforts. There are currently 4,200 residential units planned or under construction in Long Beach, according to CBRE data.
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