A partnership between Turnbridge Equities and Waterford Property Company, along with Monument Square Investment Group, first acquired the loan on City Place Long Beach at the end of 2020. It has now reached an agreement to take over ownership of the property.

This 14-acre large-scale open-air retail, office and mixed-used development property is located in downtown Long Beach. City Place has a storied history, having once been the home of the Long Beach Plaza Mall, an enclosed shopping mall built in 1982.

The mall was demolished in 2002 to make way for City Place, an open-air shopping district anchored by several big-box tenants, emblematic of the region’s large-scale retail development trends in the early 2000s. With the rise of e-commerce and emerging consumer preference for experiential brick and mortar retail, the new owners see an opportunity to reimagine City Place as a mixed-use district.