UPDATE, March 23, 8:13 a.m.: A trio of investors has redevelopment plans for a beleaguered Long Beach shopping center and office complex it acquired through a loan sale.
Turnbridge Equities, Waterford Property Company and Monument Square Investment Group bought the nonperforming loan on City Place Long Beach late last year, and have now taken ownership from Shooshani Developers, according to the Los Angeles Business Journal.
Shooshani Developers acquired the 14-acre property — which was completed in 2005 — from the developer, and defaulted on a $63 million loan last year.
The new ownership group bought that debt through a bidding process, the Business Journal reported.
The coronavirus hammered retailers and retail landlords across L.A. last year, forcing stores across L.A. to close for several months. Many have struggled to entice shoppers since reopening last summer.
Turnbridge, Waterford and Monument may reposition existing buildings and add new ones, according to the report. Michael Gazzano of Turnbridge said the partners are exploring the addition of housing to the property. A design from RPLA Group shows includes 475,000 square feet of retail space and 328 residential units composed of 258 rental units and 70 loft condominiums.
Shooshani had rebranded the property as The Streets in 2017, but the new owners are returning to its previous name.
Not far away in Santa Ana, Waterford is planning its largest residential project — a 644-unit complex with 15,000 square feet of retail space.
[LABJ] — Dennis Lynch
Correction: A previous version of this story incorrectly stated Shooshani Developers built City Place. It acquired the property from the developer.