SoCal investor buys Long Beach Marketplace

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Faris Lee negotiated the sale of Long Beach Marketplace, a 163,005-square-foot shopping center in Long Beach, Calif. The value of the transaction was $44.2 million. The property is located at the intersection of Pacific Coast Highway and 2nd Street. It was built in 1977 and renovated in three phases in 1987, 1992 and 1996. Long Beach Marketplace is situated on 18.5 acres and consists of four freestanding restaurant buildings, one freestanding theatre building and seven multitenant buildings. Boasting a 96 percent occupancy rate at the time of sale, the center's tenants include Trader Joes, California Pizza Kitchen, United Artists Theatre, Claim Jumper, Lone Star Steakhouse, El Torito and Ruby's Diner. Los Angeles, Calif.-based RP Properties, a private investment group, sold the property to Irvine, Calif.-based Pacific Castle, a private investment group positioned to serve the Chinese-American investment community. Faris Lee Investments represented both parties in the transaction. ...