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October 27, 2021
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LOS ANGELES COUNTY NEWS
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Tourmaline Capital Pays Almost $500/sf for Long Beach Retail Strip Center

8/26/21

Tourmaline Capital paid $16.2 mil for Marina Center, a 32.8k sf ($494/sf) retail strip center along the Pacific Coast Highway in Long Beach. The asset was sold by a private investor who owned the property for over 23 years.

Located at 6200-6252 Pacific Coast Hwy, Marina Center is currently 84% leased to a diverse mix of daily needs and internet-resistant retailers. These include 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.

Gleb Lvovich and Daniel Tyner with JLL Retail Capital Markets represented the seller in the deal. According to Tyner, the sale of Marina Center proves the high investor demand for quality coastal strip centers in Southern California.

“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.”




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