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Los Angeles

Mamo pays $67M to take control of Long Beach shopping center

Mamo Real Estate nabs full stake in Marketplace Long Beach (Credit: Google Maps)
Mamo Real Estate nabs full stake in Marketplace Long Beach (Credit: Google Maps)

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.

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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.

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Shopping Centers