Riverbend Marine Service Auction

Thursday, January 19, 2017

POLB Selling 5.6 Acre Land Parcel

By Mark Edward Nero

The Port of Long Beach is selling a 5.6-acre parking lot in downtown Long Beach.

The port bough the parcel in 2011 while it was in discussions to buy a downtown building for use as a headquarters. The parcel’s located behind the One World Trade Center building and the Hilton Hotel.

Because the property’s owned by a government agency, there’s no assessed value, but the last sale before the port bought the property was $18 million in 2005.

With the next port headquarters being built at the new Long Beach Civic Center, also in the downtown area, port commissioners determined now was the right time to test the market for a sale of the 5.6-acre lot, Harbor Commission President Lori Ann Guzmán said.

“We’re committed to getting a competitive price for the property,” Guzmán said. “But as a public agency, diligence demands we also consider other factors such as the track record of the developer and its ability to deliver on a vision that is good for downtown Long Beach.”

The port has said that proceeds from a sale would go into its general fund. The property listing can be at www.loopnet.com/lid/20048549.