Coastal retail strip center in Long Beach trades for $16.2M
JLL Capital Markets completes the sale of a trophy retail asset in Los Angeles County
NEWPORT BEACH, Calif., Aug. 23, 2021 – JLL Capital Markets announced today that it has closed the $16.2 million sale of Marina Center, a 32,757-square-foot retail strip center along the Pacific Coast Highway in Long Beach, California.
JLL marketed the property on behalf of the seller, a private investor who owned the property for over 23 years. Tourmaline Capital, a private real estate investment firm focused on the acquisition, development and operation of retail and mixed-use properties in the Western U.S., acquired the asset.
Marina Center is currently 84 percent leased to a diverse mix of daily needs and internet-resistant retailers, including Ortho Mattress, Belmont Shore Veterinary Hospital, Subway, Image Rx, Audio Concepts, Lavender Nails, Golden State Tanning, Honey’s Cleaners, Enrique’s Mexican Restaurant and First Bank. Many of the tenants have been at the center since it was originally built in 1989, further proving the long-term success they have had at the property.
Located at 6200-6252 Pacific Coast Hwy., Marina Center is in Long Beach, a coastal city in the southernmost part of Los Angeles County, and in one of the most prominent and well-travelled regions along the Pacific Coast Highway, exposing the property to more than 43,000 vehicles per day. The center is in a prime, affluent residential note with nearby residents earning an average annual household income of $156,427.
The JLL Retail Capital Markets team representing the seller was led by Managing Director Gleb Lvovich and Director Daniel Tyner.
“The sale of Marina Center proves the high investor demand for quality coastal strip centers in Southern California,” Tyner said. “We are proud to have represented the seller after their successful 23-year ownership at the property.”
“Demand for retail coming out of COVID has never been stronger,” Lvovich added. “After some understandable instability during the pandemic, retail has weathered the storm and is providing stability and a spread over alternatives for potential investors. Our team is currently seeing record interest in the space with strong pricing and buyer demand.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.