J.P. Morgan Lends $103M for a Mall Purchase in Long Beach, Calif.
By Andrew Coen October 6, 2025 12:16 pm
reprints
A joint venture between CenterCal Properties and DRA Advisors has landed $103 million of acquisition financing for the purchase of a Long Beach, Calif., mall, Commercial Observer has learned.
J.P. Morgan Chase provided the loan for the firms’ $145 million acquisition of the Long Beach Towne Center from Vestar, which developed the 26-year old 870,000-square-foot mall.
Newmark arranged the transaction with a team led by Nick Scribani and John Caraviello in collaboration with Jordan Roeschlaub.
CenterCal Properties and DRA Advisors, along with the City of Long Beach, are planning to overhaul the mall property at 7575 Carson Boulevard with lighting upgrades, new signage, parking, pedestrian walkways, landscaping and public art.
Anchor tenants at the mall 20 miles south of Los Angeles include Dave & Buster’s, Sam’s Club, Walmart and Lowes.
CenterCal Properties, DRA and Newmark did not immediately return requests for comment. J.P. Morgan declined to comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
