The transaction was brokered by Todd Goodman of the Newport Beach office of CB Richard Ellis. Goodman tells GlobeSt.com that that the center, which was 100% occupied at the time of the sale, generated about 20 offers, mainly from high net worth individuals, with a few institutional investors interested as well. The high number of offers was typical of the interest generated in a market where fully leased, grocery-anchored centers are very popular with investors. The portion of CityPlace that was sold is composed of a 57,945-sf Albertson's supermarket, a 14,740-sf freestanding Sav-On Drugs and approximately 12,500 sf of small shop retail space. The buyer of the grocery-anchored portion was represented by Susan Lee of Lucky Riem Inc.The CityPlace project was developed in phases between 2002 and 2004 by Developers Diversified, through its Retail Value Investment Program, a joint venture among Developers Diversified, Coventry and Prudential Real Estate Investors. The RVIP joint venture owns the remaining 360,000-sf community center, which covers several city blocks in the heart of Downtown Long Beach and is anchored by Wal-Mart, Nordstrom Rack and Ross Dress for Less. The center occupies the former site of Long Beach Plaza, an enclosed mall that was razed for the CityPlace redevelopment. The new center also features 341 residential condominium and apartment units, which are not owned by Developers Diversified.
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