The Long Beach Marketplace—a long-standing outdoor shopping center anchored by Trader Joe’s and a soon-to-open Sweetgreen—has received a $56.25 million refinance, according to owner Mamo Company. The new loan was provided by LoanCore Capital Real Estate Investment Trust, part of LoanCore Capital.
Santa Ana–based Mamo has owned the property outright since buying out its former partner, Pacific Castle, for $67 million about five years ago. In 2023, Mamo refinanced the site with a $55 million bridge loan from Korth Direct Mortgage, which at the time valued the property at $86.9 million and projected it could reach $104.4 million within three years.
Redevelopment in the Works
The 18.5-acre property saw several businesses close during the pandemic—including the UA Theater, El Torito, Claim Jumper, and Tilted Kilt—leaving about a third of the site vacant. Mamo is now in talks with developers to bring new residential units to the unused portion, creating a more integrated mixed-use environment.
The existing retail footprint totals roughly 113,000 square feet with 40 active tenants, including Modern Animal, Phenix Salon Suites, Crumbl Cookies, Orangetheory Fitness, and Watch Me! Sports Bar.
Prime Location Among Growing Retail Hubs
Originally built in the 1970s, the Marketplace sits just minutes from 2nd & PCH, a high-end retail center owned by CenterCal Properties, which recently added to its Long Beach footprint with a $145 million purchase of the Long Beach Towne Center.
Broader Market Momentum
Mamo’s refinancing follows a wave of retail property funding across Southern California. The Buie Stoddard Group recently secured $54 million for five shopping centers, while Unibail-Rodamco-Westfield is finalizing a $925 million refinance for Westfield Century City.
