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Marina Shores |
A&B Properties Inc., which is the real estate subsidiary of publicly held Alexander & Baldwin Inc., reports that it sold the 67,730-sf center, called Marina Shores, following an unsolicited offer from Regency Centers. The center is a three-building property on the Pacific Coast Highway adjacent to the Long Beach Marketplace. The center was 98% occupied at the close of the sale, with major tenants including Whole Foods, Petco and Boater's World.
A&B Properties intends to re-invest the proceeds in replacement properties via tax-deferred 1031 exchanges. Terms of the sale were not disclosed, but Norb Buelsing, executive vice president of A&B Properties Inc., called it "a very favorable unsolicited offer."
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| 8727 W. Pico Blvd. |
"When you consider the downturn in the financial market and the state of the economy, it's apparent that property in a great location will continue to sell, and sometimes, price doesn't seem to be an issue," Ahron observes. The 11,761-sf property, which includes a 5,173-sf Coco's restaurant, sold for $3.6 million, or about $700 per sf.
The other two transactions involved a 5,532-sf property at 8528-8532 W. Pico Blvd. and a 5,488-sf property at 10616-10618 W. Pico that will be occupied by a Domino's Pizza. "These are transactions where everything seemed to line up just right," Ahron says. "We not only had a record for square footage and a triple-net transaction, but we also had two national tenants involved, and the Domino's property closed escrow in 12 days. That doesn't happen often.
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