A deep-pocketed private investor has quietly dropped $30 million on a cluster of street-front retail buildings tied to the Mosaic shopping center in downtown Long Beach, locking up a key stretch of restaurants and small shops near Pine Avenue and The Promenade. The sellers were a joint venture of Waterford Property Co., Monument Square Investment Group, and Turnbridge Equities.
According to CoStar Research, the portfolio traded for $30 million, working out to roughly $203 per square foot. The deal covered six retail properties that the subscriber notes list as 225 3rd St, 50 4th St, 480 Pine Ave, 307 The Promenade, and 303 The Promenade. CoStar identifies the buyer only as a private individual and confirms the sellers as the Waterford, Monument Square Investment Group and Turnbridge Equities joint venture. The listing also names Allied Commercial Investments and cites CBRE brokers Erin Smith, Robert Wasserman and John Read as contacts tied to the properties.
Retail market context
CBRE reports that retail fundamentals showed signs of stabilizing in early 2026, with asking rents ticking up and new construction staying limited in many markets. That combination has helped keep well-located street retail competitive, especially for investors targeting walkable downtown corridors.
What changed hands
CoStar's property notes spell out the storefront addresses that traded and peg the price at about $203 per square foot, underscoring how smaller, contiguous retail parcels can be bundled into a single portfolio deal. The article does not include comments from the buyer, and public transfer documents are not part of the subscriber brief.
The buyer's strategy for the Mosaic-adjacent buildings has not been disclosed, so there is no public indication yet of whether the properties will simply be held and leased or targeted for renovations. Still, CBRE's reporting points to investors remaining selective but active where locations are strong and supply is tight enough to support rent growth, a backdrop that helps explain interest in downtown packages like this one.
