A joint venture including Turnbridge Equities, Waterford Property Co. and Monument Square Investment Group has acquired City Place Long Beach, in downtown Long Beach, Calif., from Shooshani Developers. The venture hired Coreland Cos. to act as manager for the property.
As part of the deal, the partnership assumed an existing, $63 million loan issued by Deutsche Bank in 2015, public records show.
Located on a 14-acre site, the property encompasses 10 parcels including office, retail and mixed-use adding up to roughly 340,000 square feet of usable space. City Place is located at 275 E. Fourth St., adjacent to Long Beach Boulevard and The Promenade. The surrounding area offers connections to main public transit lines and a plethora of shopping, dining and entertainment spots, while the waterfront is within walking distance.
The new owner will work in tandem with city officials and the local community for upcoming changes at City Place. “Our first priority is ensuring the success of our current retail tenants and supporting them in their re-opening. Then, we will work with the City of Long Beach and local stakeholders to learn what they want at the site and how we can improve the overall downtown area,” Michael Gazzano, Managing Director of West Coast Investments for Turnbridge Equities, told Commercial Property Executive.
While the transaction marks Turnbridge Equities’ first Greater L.A. foray, the company has a track record of repositioning and redeveloping mixed-use assets. Recently, it sold an 87-acre property in Cary, N.C., the future site of Epic Games’ headquarters.
“As we have looked to strategically deploy capital over the past year, Turnbridge has made several subordinate debt investments secured by great assets in our core markets,” added Gazzano. “In the case of City Place, we are very appreciative to have worked out a mutually acceptable transaction with the borrower and we look forward to bringing fresh capital to revitalize the property.”