Regency Centers Corp. has acquired the120,000-square-foot premier retail center located in the heart of Long Beach, Calif., known as Circle Marina Center. It is currently 95 percent leased and includes 33,000 square feet of a three-story office building and above-retail office.
Originally built in 1959, this property sits on the Pacific Coast Highway in a high-density submarket in close proximity to three other Regency shopping centers, and it has become the fifth property Regency owns in Long Beach. The surrounding demographics consist of a population of nearly 250,000 with an average home value of $952,000. In 2018, Long Beach was home to more than $5 billion in private/public development and over 60 projects are currently in development.
“There is a real opportunity for enhancement at Circle Marina Center,” said John Mehigan, senior vice president and senior market officer for Regency Centers. “Circle Marina is surrounded by great demographics and a substantia
