Last week, real estate firm Newmark announced that Onni Group has purchased Marina Shores, a shopping center located at 6500-6670 Pacific Coast Highway, for $67.9 million. The nearly 6.2-acre complex, which sits walking distance from the waterfront, is pegged for redevelopment with multifamily housing.
“Marina Shores received tremendous interest with over 15 offers,” said Newmark senior managing director Chris Benton in a statement. “The demand was driven by the property’s new specific plan (SEASP) 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.”
Newmark represented both Onni and seller Regency Centers in the transaction.
The Marina Shores site sits next to 2nd & PCH, a 215,000-square-foot retail and restaurant complex which was completed by CenterCal Properties in 2019.
Onni Group's entrance to the Long Beach market came in 2019, when the firm broke ground on a $215-million high-rise complex at the intersection of Broadway and Long Beach Boulevard in Downtown. The company's other Los Angeles County developments include a mix of projects slated for Hollywood, Glendale, Mid-Wilshire, and the Arts District, among other areas.
- Long Beach (Urbanize LA)