Marina Shores Property Sold

By: 
Kirt Ramirez

The Marina Shores property at 6500 E. Pacific Coast Highway, south of Second Street, has been sold to a developer for almost $68 million with multifamily redevelopment planned.

The once-bustling 6.17-acre retail shopping center anchored by Wild Oats Natural Marketplace in the 2000s, today is a quiet strip mall with an abandoned Mimi’s Café, a shuttered Whole Foods – which took over Wild Oats in the late 2000s – and two other vacancies.

The Whole Foods moved next door to the grand Second and PCH development, leaving a large Petco behind to dominate Marina Shores.

In a Dec. 2 press release, commercial real estate company Newmark Group, Inc., announced the $67.9 million sale of Marina Shores had been completed.

“Marina Shores received tremendous interest with over 15 offers,” Newmark Senior Managing Director Chris Benton said 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,” he said.

Newmark Managing Director Anthony Muhlstein, who represented the Marina Shores seller, Regency Centers, and the buyer, Onni Group, said in a statement:

“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. The size, demand and waterfront location complemented by walkable first-class amenities make this a unique development opportunity.”

John Mehigan, senior vice president of investments with Regency Centers, said in a statement:

“The sale of Marina Shores is a perfect example of the success of Regency’s capital recycling program, which allows us to accretively reinvest capital to grow our core business. With the recent rezoning efforts by the city, the highest and best use was no longer retail, and the future redevelopment by Onni represents a prime opportunity for all stakeholders involved.”

The buyer, Onni Group, says on its website:

“For over half a century, Onni has been building communities for people to live, work, and play. Our success reflects our commitment to our employees and partners, and our dedication to quality construction, innovation, sustainability, and customer satisfaction.”

The company’s seven offices are in Los Angeles, Seattle, Chicago, Phoenix, Toronto, Vancouver and Ensenada, Mexico, according to the website.

“We’ve constructed over 15,000 new homes, own and manage more than 7,200 rental apartments, built more than 11.5 million square feet of office, retail, and industrial space, and have an additional 28 million square feet of space in different phases of development. Employing thousands of people across North America, Onni is one of the continent’s largest and most established developers of real estate.”

Onni did not respond to an emailed request for comment.

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