A&B buys Alexander & Baldwin Inc., tapping into an upscale California market, has purchased the Marina Shores retail center in Long Beach, Calif., for $19.55 million from Rich/Koenig Marina LLC.
California center
The company pays $19.5 million
for the Long Beach locationBy Dave Segal
dsegal@starbulletincom
The fully occupied center is located on the Pacific Coast Highway in Southern California across the street from the Long Beach Marina, one of the largest public marinas in the state. The center also serves nearby residential and resort communities.
"We continue to build and diversify our real property portfolio with well-located, high-quality properties ... in Hawaii and on the mainland," A&B President and Chief Executive Allen Doane said yesterday.
The Honolulu-based company, which now owns 17 commercial properties on the mainland along with 26 in Hawaii, has acquired 17 commercial and development properties for a combined investment of more than $220 million over the past three years. The company now has 4.6 million square feet of leasable retail, office and industrial space. Of that total, 3.1 million square feet is on the mainland.
A&B's latest acquisition, which comprises three buildings with 67,727 square feet of gross leasable area on 6.7 acres, features Wild Oats Market, Petco and Boaters World Marine Center as its major tenants. Other occupants include Imaginarium, Marble Slab Creamery, Quizno's Classic Subs and Supercuts. Mimi's Cafe operates a free-standing restaurant on the site.
The center was completed in the past year.
"Marina Shores is an excellent neighborhood shopping center, possessing a number of strong attributes, including a superior location, excellent visibility and high levels of traffic from nearby upscale oceanside and marina communities," said Norbert Buelsing, executive vice president of A&B Properties. "Its close proximity to the Long Beach Marina attracts both recreation and tourist customers, and it has a good tenant mix with a high proportion of national and regional retailers."
The Long Beach Marina hosts such boating events as the Transpac and the Congressional Cup.
A&B's stock, which ended unchanged today at $28.40, has gained 6.4 percent this year.