1_LBBJ_Feb18_SectionB_LBBJ MASTER LAYOUT 2/16/14 1:51 PM Page 13
REAL ESTATE QUARTERLY February 18-March 3, 2014 square feet. A report from CBRE, Inc. corroborates Ryan’s observation, estimating that 71.1 percent of total leasing and sales activity within the Greater Los Angeles
Long Beach Business Journal 13-B
Interest In Waterfront Retail Space Gains Traction
F
rom downtown to Belmont Shore, Long Beach’s waterfront areas are
region occurred in properties in the 10,000
experiencing a pickup in commercial real
to 99,999 square foot range. This may be
estate activity as new retail developments
because now that large logistics and distri-
cargo volumes, continues to drive demand
continue to gain steam. In Downtown Long Beach, mixed-use residential and retail developments are underway, including Urban Village on Long Beach Boulevard, the 245 W. Broadway project, the Shoreline Gateway project on Ocean Boulevard and the Ocean Center Building on Ocean Boulevard, all of which include plans for ground floor retail space.
for industrial space in Long Beach and in
The Pike at Rainbow Harbor is also gear-
the South Bay. At the State of the Port
ing up for a retail overhaul. In October,
address in January, Acting Executive
Developers Diversified Realty (DDR)
Director Al Moro said that the Port of Long
spoke to Long Beach Development
Beach’s cargo volumes increased by 11
Services (LBDS) about potential plans to
percent from 2012 to 2013.
turn the somewhat sleepy center into an
bution companies have stabilized and reinvested in industrial properties, the smaller businesses that support them are starting to have better business velocity, Ryan explained. Both Ryan and Massaro agreed that proximity to the San Pedro Bay ports, which are experiencing an increase in
Ryan said that Watson Land Company
outlet mall. Amy Bodek, director of LBDS,
continues to keep an eye on import volumes
said that DDR returned to the city with a
when predicting demand for the rest of the
revised proposal in January and is continu-
year, but he anticipates that those volumes
ing to fine-tune its plans. Mitchell
will continue to improve. Massaro said that
Hernandez, a CBRE, Inc. associate special-
if interest rates increase, the market is going
izing in the Long Beach retail market, said
to react with decreased sales activity.
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Lou Moreno Moreno Investments 562-706-3005
FOR LEASE 1447 Santa Fe Ave. Long Beach, CA
2,640 SF office space available. Former Chiropractic & professional offices Secured and lighted parking lot Close to freeways & ports of LB and LA Excellent street visibility & large signage
Lease rate: $1.15 PSF MG
James Stephenson, pictured, operations manager with San Diego-based Cohn Restaurant Group, has been overseeing the construction of the new Bo Beau restaurant at 144 Pine Ave. for more than a year. “We knew this building was in pretty bad shape when we took it,” Stephenson said. “The city has been great. Our project guys have been great. There’s just a lot more work that we anticipated. We stripped this to four walls. We re-piped the whole thing . . . We don’t want to open and have to fix things over and over.” The restaurant may be open in time for the Toyota Grand Prix of Long Beach in April. (Photograph by the Business Journal’s Thomas McConville)