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LONG BEACH, CA-Pacific Castle, an investment firm serving the Chinese market, has acquired the 163,000-sf Long Beach Marketplace, according to Irvine-based Faris Lee Investments, which brokered the transaction.

Rich Walter, president of Faris Lee, reports that the lifestyle shopping center at the intersection of Pacific Coast Highway and Second Street was sold by Los Angeles-based RP Properties, a private investment group. Irvine-based Pacific Castle also is a private investment group.

Walter says the transaction presented a challenge in that the seller required a buyer willing to put up more than $22 million in capital, almost a 48% down payment, and also assume an existing loan with an interest rate higher than the current market. Walter sees “tremendous upside” in the property. He notes that Faris Lee has been working with Pacific Castle for more than 10 years.

Long Beach Marketplace was built in 1977 and renovated in three phases in 1987, 1992 and 1996. It is situated on 18.5-acres of land and consists of four freestanding restaurant buildings, one freestanding theatre building and seven multi-tenant buildings, with a 96% occupancy rate. The center’s tenants include Trader Joes, California Pizza Kitchen, United Artists Theatre, Claim Jumper, Lone Star Steakhouse, El Torito and Ruby’s Diner. The center represents “a first-class location and the tenancy is one of the best around,” says Wayne Cheng, president of Pacific Castle.

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