Acquiring Historic Waterfront Land for Port of Long Beach
We represented the Port of Long Beach in acquiring 28.6 acres of waterfront and submerged lands that comprise three parcels in Pier D in the Long Beach harbor.
The $65.5 million purchase from L.G. Everist Inc., a Sioux Falls-based building materials production and bulk cargo transportation company that had owned the property for decades, includes a heavy cargo boat ramp. With this acquisition, the Port will take over the leases of seven tenants operating in that portion of the harbor. This purchase also provides the Port with the ability to set up additional container staging areas on unused land to help alleviate congestion from cargo ships forced to idle off the coast.
This transaction was the largest acquisition of harbor lands the Port had completed in decades. We drafted and negotiated the purchase documents and provided guidance on title and tidelands matters as well as analysis of existing leases. Through this acquisition, the Port was able to take advantage of a once-in-a-generation opportunity and secure lands for long-term Port objectives. We completed the matter by year-end, to the client’s great satisfaction.