The Mosaic shopping center, a six-building retail mall spanning multiple city blocks in downtown Long Beach, has sold for $30 million, the deal’s brokers announced.
The buyer, identified only as Mosaic Promenade Holdings LLC, purchased the 148,405-square-foot complex late last month following a year-long sale process that drew 14 offers from private investors.
The deal includes six parcels that total 4.8 acres at 50 East 4th Street, 145 East 4th Street, 300 and 325 The Promenade North, and 480 and 590 Pine Avenue that have recently been home to Ross Dress for Less, Studio One Eleven/RDC, Ammatoli, Pacific Dental, Panda Express, Wingstop, GNC, GameStop and a U.S. Army recruiting office. A May 22 assessment by the Los Angeles County Assessor’s office valued the six properties at a combined $28.6 million, including $8.9 million attributed to improvements…