Coffee and Donuts
Knead, the popular donut shop on Seventh St. will be opening a second location at 5105 E. PCH- at Clark, where Jerry’s donuts previously was. Amy Be- the daughter in the family owned business said, “The current store sells more than five gallons of coffee a day. The new shop opening was delayed, with city inspections and all but we plan to open within the next week at two.”
She continued, “We plan to cater to the nearby Park Estates neighborhood and will continue to offer customer favorites like our creme brûlée donut, with a choice of fillings (custard, banana or Nutella) and our blueberry cronuts (a pastry that looks like a donut made from croissant-like dough). We will also be offering our Vietnamese coffee and zombie coffee drinks.”
The Coffee Bean & Tea Leaf has closed another one of their Long Beach locations- the closure is noted on window signs as temporary – but the large lighted signage appears to have been removed. Earlier this year, the store in The Marketplace closed. Belmont Shore Business Association executive director Dede Rossi noted the storefront at 4925 Second in Belmont Shore has been listed for lease for several months prior to the closure.
The property on the corner of Second and Argonne has seen an eclectic variety of uses over the years, and according to old phone books the property has served as: an ice cream shop, a restaurant and bar, and the popular Midnight Expresso before it became Coffee Bean & Tea Leaf.
Port of Long Beach
Port officials report that reduced demand and canceled orders continue to impact trade locally, with the Port seeing a drop of 17.3% from April of 2019 volume. Last year the Port set a new record as the busiest April on record. Port traffic drops were felt in both imports (down 17.3%) and exports (down 17.2%).
There is continued optimism regarding the long term future.
“We look forward to a recovery stage and rebounding cargo shipments as the nation contemplates relaxing shelter-in-place orders, people return to work and consumer demand rises – however it will not be in the short term,” said Mario Cordero, Executive Director of the Port of Long Beach.
Commercial Real Estate
Shane Young of Marcus & Millichap reports that in light of COVID-19, there is still some positivity in the commercial real estate market.
Young observed, “Collections for most local apartment landlords have been 95%+, which is much better than expected. With the uncertainty in the market, lenders have pulled back on financing so debt isn’t quite as attractive as it was pre-COVID.”
“That is limiting how aggressive buyers can be on price, however we have clients who are still selling and in doing so we are still able to achieve their end goal of increasing income, getting rid of management responsibilities, or building their portfolio locally.”