Canadian developer Onni purchased a Long Beach retail project slated to be redeveloped as a multifamily project, paying $67.9M to sellers Regency Centers.

The Marina Shores is a 6.2-acre shopping center along the waterfront in Long Beach. Public records show that Regency acquired the property in 2008, paying just shy of $24.5M.

The property at 6500 East Pacific Coast Highway falls under a new specific plan that is “conducive for multifamily development,” according to Newmark, which announced the deal.

Newmark’s co-Head of Capital Markets Kevin Shannon, Vice Chairman Bill Bauman, Executive Managing Director Ken White, Senior Managing Director Chris Benton and Managing Director Anthony Muhlstein represented both the seller, Regency Centers, and the buyer, Onni.

PEOPLE

Construction and development firm Skanska has hired Justin Strzelecki as vice president and account manager for building operations in California. Strzelecki has been with Skanska since September 2021. In his new role, Strzelecki will be responsible for business development activities across cultural institutions, transportation, aviation, higher education and healthcare projects, as well as leading new projects from start to completion. Prior to Skanska, Strzelecki was at Clark Construction.

SALES

IRA Capital purchased 2722 Michelson in Irvine for $103M. The Class-A creative office building was renovated two years ago and is fully leased to defense contractor Anduril. In October, IRA acquired the Live Nation concerts division headquarters in Beverly Hills, paying $153M.

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Beverly Hills-based developer Markwood has purchased 400 East Adams Blvd., a roughly 20K SF development site in Historic South-Central for $3M. Markwood plans to build 84 studio and one-bedroom apartments aimed at moderate-income tenants on the site. Michael Mehdizadeh and Andrew C. Lee represented Markwood in the transaction. The seller was represented by Major Properties’s Daniel Moussazadeh.

LEASES

Marketing company Narrative Ads leased 22K SF for five years at the Graymark Capital-owned Pasadena Tech Center in Pasadena. The location is the third for Narrative Ads in Pasadena. The Pasadena Tech Center holds just under 219K SF of office space and is 70% leased. CBRE’s Hunter Brown, Scott Steuber and Jake Bobek represented Narrative Ads.

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Sunroad Enterprises and Cypress Insurance Co. have entered into a new multi-floor lease totaling about 34K SF at Sunroad Centrum, an 11-story Class-A office tower in San Diego’s Kearny Mesa area. Cypress is relocating its downtown San Diego office to the Kearny Mesa location. Cushman & Wakefield Managing Director Derek Hulse and Executive Managing Director Brett Ward represented Sunroad in the transaction.

CONSTRUCTION AND DEVELOPMENT

Meta Housing Corp., Western Community Housing Inc. and the city of La Puente have opened the Arboleda Senior Apartments, an affordable 74-unit multifamily community for adults ages 62 and up. The development includes one- and two-bedroom units with rents ranging from 40% to 70% below market rate.

THIS AND THAT

The Shops at Sportsmen’s Lodge in Studio City are open. The retail project, which redeveloped a longtime event and recreation center along the Los Angeles River, was developed by New York-based Midwood Investment & Development. The shopping center is at capacity for tenants, with stores including Fred Segal and an outpost of the women’s clothing retailer Reformation.