Onni Buys Long Beach Multifamily Project for $68M
Seller Regency Centers acquired the property 13 years ago for $28.5 million
By Greg Cornfield December 2, 2021 8:14 pm
reprints
Prominent developer and investor Onni Group has put down $67.9 million to acquire a 6.17-acre retail shopping center in Long Beach, Calif., that’s slated for redevelopment into multifamily.
Newmark (NMRK) announced the deal for Marina Shores at 6500 East Pacific Coast Highway and represented both Onni Group and the seller, Regency Centers. Records show Regency acquired the property 13 years ago for about $28.5 million.
Details on Onni’s plan for redevelopment are scarce, and representatives did not return requests for comment.
The property is along Alamitos Bay and adjacent to 2nd & PCH, a large high-end retail center that was developed by CenterCal Properties and features Whole Foods, Sephora, Amazon 4-Star, Urban Outfitters, Lululemon and more.
Newmark’s Anthony Muhlstein said “coastal real estate coupled with a progressive political landscape shaped a very competitive process.”
“Developers are excited to work with cities that recognize the immense housing shortage and want to make a positive contribution,” Muhlstein said. “The size, demand and waterfront location, complemented by walkable first-class amenities, make this a unique development opportunity.”
Earlier this year, Regency Centers sold a Walmart-anchored shopping center in L.A.’s South Bay for $40 million. Meanwhile, Onni remains one of the most active investors and developers in L.A. The firm recently acquired a 1.2 million-square-foot shopping center in Burbank for $136 million, and earlier this year, the city of L.A. approved plans for Onni’s massive Times Mirror Square project that will add 1,127 rental units and 307,300 square feet of office space across from City Hall.
Along with Muhlstein, Newmark’s Kevin Shannon, Bill Bauman, Ken White and Chris Benton represented both parties on the Marina Shores trade.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
