|
|
7/21/26
|
Mosaic, a six building, 148.4k sf retail portfolio spanning multiple city blocks in Downtown Long Beach, traded hands in a recent $30 mil ($202/sf transaction. At the time of sale, the portfolio was 78% occupied.
The Mosaic portfolio spans six parcels totaling approximately 4.8 acres and includes properties at 50 East 4th Street, 145 East 4th Street, 300 and 325 The Promenade North, and 480 and 590 Pine Avenue. The properties were constructed between 2002 and 2004, reflecting modern urban retail design and a configuration that integrates seamlessly with the walkable, transit served environment of Downtown Long Beach.
The property features a strong tenant mix of national, regional and local tenants, including Ross Dress for Less, Studio One Eleven/RDC, Ammatoli, Pacific Dental, Panda Express, Wingstop, GNC, GameStop, U.S. Army, U.S. Armed Forces, City of Long Beach, among others. The offering generated 14 offers across the full portfolio and individual components, reflecting continued investor demand for well-located retail assets in coastal Southern California. Downtown Long Beach stands as one of Los Angeles County’s primary coastal trade areas, supported by its proximity to the Pacific Ocean, the Ports of Los Angeles and Long Beach, convenient access to Orange County.
The sellers acquired Mosaic through a deed-in-lieu transaction and enhanced the retail component through leasing activity, exterior improvements and operational upgrades. In addition to the retail components, ownership also acquired and entitled the former Walmart site (Parcel C) and Parcel B. Parcel C is fully entitled for 628 residential units and approximately 16k sf of ground floor retail; the sellers of Mosaic retain ownership of this parcel. Parcel B was acquired by JPI Development and is under construction as a $150 mil project that will deliver 272 residential units and approximately 20k sf of ground floor retail.
.
The buyer, Mosaic Promenade Holdings LLC, acquired the assemblage following a competitive marketing process that drew strong interest from private capital investors. They were repped in the deal by Robert Wasserman, principal at Wasserman Commercial Real Estate. John Read and Erin Smith of CBRE’s Retail Investment Properties – West represented the seller, a partnership of Turnbridge Equities, Waterford Property Company and Monument Square Investment Group.
“Mosaic’s scale, location and pricing attracted strong interest from private capital investors seeking urban retail opportunities in coastal Southern California,” said Read, senior vice president at CBRE. “The portfolio offers a combination of in-place income and leasing upside in a well-established downtown location.”
The acquisition positions the buyer to continue leasing activity while advancing the long term vision for Mosaic as a central community hub in Downtown Long Beach.
|
|
 Return to the previous page
|
|
|
|
|
Printer-friendly Version
Email an Associate
