Mosaic, a six-building retail property in downtown Long Beach, has traded for $30 million.
Mosaic Promenade Holdings LLC, an entity tied to Los Angeles investor Homan Siman, bought the roughly 148,400-square-foot portfolio from Turnbridge Equities, Waterford Property Company and Monument Square Investment Group, L.A. Business First reported. The deal works out to about $202 per square foot.
The portfolio, formerly known as City Place, spans six parcels totaling nearly 5 acres at 50 East Fourth Street, 145 East Fourth Street, 300 and 325 The Promenade North and 480 and 590 Pine Avenue. It was 78 percent occupied at the time of sale with a mix of national chains, local restaurants, service tenants and public-sector users. Tenants include Ross Dress for Less, Panda Express, Wingstop, Pacific Dental and the City of Long Beach.
CBRE, which handled the sale, said the offering drew 14 offers for the full portfolio and individual components, underscoring investor appetite for coastal Southern California retail with both existing cash flow and leasing upside. CBRE’s John Read and Erin Smith represented the sellers.
Turnbridge, Waterford and Monument Square acquired Mosaic in 2021 through a deed-in-lieu transaction and subsequently boosted leasing, upgraded operations and made exterior improvements at the property.
The sellers aren’t leaving the area entirely, as they’re retaining a former Walmart parcel that is fully entitled for 628 apartments and about 16,000 square feet of ground-floor retail, according to a press release shared with The Real Deal. JPI, which owns another parcel at Mosaic, is already building a $150 million project slated for 272 apartments and roughly 20,000 square feet of retail. The project broke ground in January. The City of Long Beach must plan for 26,502 new housing units by 2029 as part of its state-mandated housing goals.
The Mosaic sale comes as other downtown Long Beach retail properties change hands. Earlier this month, Panattoni and Redwood West bought The Pike Outlets, a 395,000-square-foot shopping center at 95 South Pine Avenue, for $50 million. Last fall, CenterCal Properties and DRA Advisors acquired Long Beach Towne Center at 7575 East Carson Street for $145 million.
— Chris Malone Méndez
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