Marina Shores Receives More Than 15 Offers

Marina Shores, a 6.17-acre retail shopping center planned for multifamily redevelopment, recently sold for $67.9 million, according to Newmark. Located at 6500 East Pacific Coast Highway in Long Beach, the property presents unobstructed views of the marina in the Belmont Shore submarket, bounded by Seal Beach to the south, and 2nd and PCH to the north.

Newmark’s Kevin Shannon, Bill Bauman, Ken White, Chris Benton and Anthony Muhlstein represented the seller Regency Centers, and the buyer, Onni.

“Marina Shores received tremendous interest with over 15 offers,” said Benton. “The demand was driven by the property’s new specific plan conducive for multifamily development, its highly amenitized micro location and the efficiency of hard costs in regard to the scale of the development, paired with the high rent growth in the submarket.”

The property is walking distance to 2nd & PCH, a destination retail center delivered by CenterCal in fall 2019, offering retailers and restaurateurs such as Whole Foods Market, Urban Outfitters, Lululemon, the Bungalow Kitchen by Michael Mina, Tocaya Organica, Caffe Luxxe and Peloton.