The new, six-acre development is located on the Pacific Coast Highway, about a mile north of Seal Beach and within two miles of California State University at Long Beach. The Long Beach Marina, immediately to the rear of the center, is one of California's larger public marinas.

The center's major tenants are Wild Oats Market, which signed on in April, Petco and Boaters World Marine Center. Other tenants include Imaginarium, Marble Slab Creamery, Quizno's Classic Subs and Supercuts. A free-standing restaurant is operated by Mimi's Cafe.

Representatives from A&B Properties say it took five years to get the permits for the development and roughly 18 months to construct. Including this latest acquisition, A&B Properties has a portfolio of 26 commercial properties in Hawaii and 17 on the U.S.

Mainland, comprising more than 4.6 million sf of leasable retail, office and industrial space (3.1 million sf on the Mainland and the balance in Hawaii). In the past three years, A&B Properties has acquired 17 commercial and development properties, representing a total capital investment of over $220 million.

Michael Burke and Richard Rizika of CB Richard Ellis' Torrance, Calif., office represented the seller, Rich/Koenig Marina, LLC. The buyer, A&B Properties, was represented by Davis Broden of the CB Richard Ellis office out of Bellevue, Wash.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Retail