Redwood West acquires Long Beach waterfront lifestyle center
A premier waterfront retail, dining and entertainment lifestyle center in Southern California is changing hands.
Real estate investment firm Redwood West, in partnership with development company Panattoni, has acquired The Pike in Long Beach, Calif. Built in 2003, the 394,616-sq.-ft. lifestyle center has long served as a gathering place for residents, tourists and the surrounding community, and is currently 91% leased.
Anchored by Cinemark Theatres, high-profile tenants at The Pike include Restoration Hardware, EōS Fitness, Nike Factory Store, H&M, Levi's, P.F. Chang's, Gladstones, California Pizza Kitchen, Starbucks and more.
The Long Beach Post reported a sale price of $50 million for the property. The previous owner of The Pike, SITE Centers, owns properties in Chicago, Chapel Hill N.C., Portland, Ore., and Florida.
"Great destinations bring people together," said John Pomer, principal of Redwood West. "The Pike's waterfront is one of Long Beach's greatest assets. Our vision is to create a vibrant gathering place with experiences, events and public spaces that invite residents and visitors to connect with the community year-round."
Redwood West and Panattoni say they will invest approximately $20 million into the center to deliver placemaking initiatives, community-focused events, strategic leasing, neighborhood-serving uses, and experiential activations. Redwood West will oversee property management, leasing, marketing and operations at The Pike.
"Successful retail is about more than leasing space – it's about curating the right mix of retail, dining, entertainment, and experiences," said Colby Cyburt, principal of Redwood West. "We're excited to build on The Pike's waterfront location and create a merchandising strategy that serves the Long Beach community while attracting new visitors and creating long-term value for our tenants."
[READ MORE: Asian retailers, eateries to open at TAWA Gateway in San Gabriel Valley]
Based in Newport Beach, Calif., Redwood West owns and operates a large-scale Southern California based portfolio which includes properties such as Victoria Gardens (Rancho Cucamonga) and waterfront retail centers Lido Marina Village (Newport Beach) and Peninsula Village (Newport Beach).
