Regency Centers Buys Some More in Southern California
- Oct 01, 2019
Regency Centers Corp. has purchased Circle Marina Center, a 120,000-square-foot shopping center in Long Beach, Calif. Regency acquired the retail property for approximately $49 million, according to sales records. The company also secured a $24 million acquisition loan from PNC, per loan documents.
Located at 4542-4800 Pacific Coast Highway, Circle Marina Center is currently 95 percent leased, with major tenants including Staples, Big 5 Sporting Goods and Centinela Feed & Pet Supplies. The 1959-built property also features 33,000 square feet of office space in a three-story building and above-retail office space.
John Mehigan, Regency’s senior vice president & senior market officer, said in a statement that the property was supported by the strong demographics of the area, which also saw a substantial amount of new development in the last 10 years. According to Regency, the Long Beach area around Circle Marina has a population of nearly 250,000 residents. The neighborhood’s growth was also notable, as Regency said there was more than $5 billion in public and private development, with 60 projects currently underway.
Love for Long Beach
With the purchase of Circle Marina, Regency now owns five similar retail properties in Long Beach. Circle Marina Center is the company’s latest purchase in the Traffic Circle Area of the city, where it also owns Circle Center West at 1801 Ximeno Ave., Ralphs Circle Center at 1900 N. Lakewood Blvd. and Vons Circle Center at 1800-2000 Ximeno Ave. Further south, Regency also owns and operates Marina Shores at 6500-6670 Pacific Coast Highway, which is anchored by Whole Foods and Petco.
Outside the Long Beach area, Regency purchased last year Scripps Ranch Marketplace, a 132,000-square-foot shopping center in San Diego. The Vons- and CVS-anchored retail asset includes Starbucks as a tenant, as well as other local operators.