Mamo pays $67M to take control of Long Beach shopping center
Mamo Real Estate has acquired partner Pacific Castle’s stake in the Marketplace Long Beach shopping center for $67 million.
A source close to the transaction said Santa Ana-based Mamo now has full control of the Pacific Coast Highway center – which includes a Trader Joe’s, Corner Bakery, Ruby’s Diner, California Pizza Kitchen, and a dozen other tenants.
The nearly 800,000-square-foot shopping center, located at PCH and E. 2nd St., last sold for $20.5 million in 2004.
The seller, Irvine-based Pacific Castle, typically acquires value-add retail properties throughout California. Run by Wayne Cheng, Pacific Castle currently owns about 20 retail properties and has sold about a dozen others since its founding in 1993.
Mamo, which public records show is run by Matthew Chou, did not immediately comment on the transaction.
The Long Beach commercial property market has seen a number of shopping center trades recently.
Fortress Investment Group sold a Long Beach commercial property with a Vons supermarket as a long-term tenant to Newport Beach-based investor Fort Ashford Funds for $29 million last April.
In July, the Goodman Group purchased the massive Boeing complex for $200 million, with plans to transform the area into a shopping and industrial development.