Onni Group wants apartments in place of Long Beach strip mall

City’s specific plan now allows housing at Marina Shores on PCH

Los Angeles /
Dec.December 07, 2021 02:15 PM
The Marina Shores strip mall in Long Beach (MapQuest)

The Marina Shores strip mall in Long Beach has sold for just under $68 million to Onni Group and is headed for redevelopment.

The Vancouver-based investor wants to build multifamily housing on the 6.2-acre site at 6550 Pacific Coast Highway, according to the Long Beach Business Journal. The seller was Regency Centers.

Interest among developers in the property was strong because of its potential for multifamily redevelopment under a specific plan update by the city.

The Southeast Area Specific Plan, approved by the Long Beach City Council in 2017 and approved by the state’s Coastal Commission last year, rezoned a swath of the city from Marine Stadium to the border with Seal Beach and north to Seventh Street, according to the Long Beach Press-Telegram.

The specific plan update included residential rezoning and was designed to improve traffic and pedestrian flow.

Newmark’s Chris Benton, who represented both parties in the Marina Shores deal, said the property received 15 offers.
The property is currently home to Petco, Orangetheory Fitness, Five Guys and a handful of other retail chains and local businesses. Whole Foods moved out of the complex, leaving a large retail space vacant.

A redevelopment would be Onni Group’s second in Long Beach along with the firm’s 432-unit Broadway Block project underway in Downtown Long Beach.

The firm has several irons in the fire in the City of Los Angeles, north of Long Beach. Onni this spring secured L.A. City Council approval for its largest Southern California project — the 1.5-million-square-foot Times Mirror Square project for Downtown L.A.

Not long after, the developer cleared a key hurdle toward realize a 347-unit mixed-use complex in the Arts District. Last year, news surfaced that the developer is planning a 14-story office tower in Hollywood.

The firm last month bought the Burbank Town Center mall in Burbank for $136 million from Barings and Cypress Equities. The 1.2-million-square-foot property recently underwent a $70 million renovation. It is so far one of the priciest retail deals of the year.

[LBBJ] — Dennis Lynch





    Related Articles

    arrow_forward_ios
    Jeff Bezos and Randy Kendrick and 3301 Medford Street (Getty, Xebec Realty, Google Maps)
    Amazon to open 202K sf warehouse in East LA
    Amazon to open 202K sf warehouse in East LA
    Randy Kendrick, chief executive officer, Xebec Realty, and 12975 Bradley Avenue in Sylmar, CA (Xebec Realty, LoopNet)
    Xebec looks to flip Sylmar industrial to self
    Xebec looks to flip Sylmar industrial to self
    Gelt touches down in Long Beach with apartment buy
    Gelt touches down in Long Beach with apartment buy
    Gelt touches down in Long Beach with apartment buy
    Long Beach, California (Getty)
    Long Beach explores tax-exempt bonds for “workforce housing”
    Long Beach explores tax-exempt bonds for “workforce housing”
    A rendering of 10130-10136 Adella Avenue and Newport Ventures’ Dave Mossman and Kemp Bros. Construction's Greg Solaas (LinkedIn, Kemp Bros., CBRE)
    South Gate lot entitled for 78 resi units up for sale
    South Gate lot entitled for 78 resi units up for sale
    11672 San Vicente Boulevard in Brentwood (Google Maps)
    Brentwood retail complex fetches $2,000 psf
    Brentwood retail complex fetches $2,000 psf
    From left: Peter Borzak, CEO, Pine Tree; Todd Minnis, CEO, EB Arrow; 106 South Brand Boulevard (LoopNet, Pine Tree, EB Arrow)
    $64M deal for Glendale retail center bodes well for big-box
    $64M deal for Glendale retail center bodes well for big-box
    Brixmor Property Group CEO James Taylor and the Brea Gateway Center (Brixmor, Google Maps)
    Brixmor buys grocery-anchored retail center in Brea
    Brixmor buys grocery-anchored retail center in Brea
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...