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Saturday, Aug 13, 2022

Mamo Takes Over LB Marketplace

Santa Ana-based Mamo Properties Inc. bought out Irvine-based partner Pacific Castle Management Inc.’s share of the Long Beach Marketplace for $67 million, records show.

The center contains 12 retail properties along Pacific Coast Highway.

Buildings ranged from 57% to 100% leased at the time of the sale, according to CoStar Group Inc. data.

Tenants at Long Beach Marketplace include Trader Joe’s Co., California Pizza Kitchen Inc. and Ruby’s Diner Inc.

The Long Beach Marketplace isn’t the only shopping center in Long Beach to sell in the past year.

Regency Centers purchased the Circle Marina Center at 4600-4782 Pacific Coast Highway from Wang Partnership for $49 million in September.

The center was 95% leased at the time to tenants including Staples Inc. and Big 5 Sporting Goods Corp. It includes an adjacent 25,000-square-foot office building.

Jade Enterprises purchased a portfolio of seven retail buildings in Long Beach from an individual for $32 million in March.

Properties other than retail have also been in high demand in the city.

Boeing Co. sold its 93-acre former C-17 Long Beach facility to Goodman Group for $230 million last year, according to sources familiar with the matter.

A 234-unit multifamily building at 1718 Ximeno Ave. sold for $72.5 million.

Advanced Real Estate Services Inc. purchased the property from Blackstone Group and Phoenix Realty Group.

The 206-unit Landing at Long Beach at 1613 Ximeno Ave. sold for $72 million. Friendly Franchisees Corp. purchased the property from an investment fund managed by Western National Group Inc.

MG Properties Group bought a 158-unit building at 595 Pine Ave. from Sares-Regis Group for $48.9 million.

A handful of large multifamily development projects are underway in the area, as well, including the 106-unit Ocean View Tower, the 163-unit Pacific, the 315-unit Shoreline Gateway and the 160-unit Beacon Apartments.

Positive Investments Inc. in August purchased the Residence Inn Long Beach, a 216-room hotel, for $45 million. It was part of portfolio acquisition of a handful of Blackstone Group hotels.

Hannah Madans Welk
Hannah Madans Welk
Hannah Madans covers real estate for the Los Angeles Business Journal. A USC grad, Madans has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

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