An Ohio-based real estate investment trust sold an outdoor retail property in Long Beach to two locally based real estate firms.
Redwood West and Panattoni acquired The Pike Outlets at 95 South Pine Avenue for $50 million, L.A. Business First reported. Ohio-based Site Centers Corporation sold its ground leasehold and other interests in the nearly 395,000-square-foot property. The retail plaza was built in 2003 at a cost of $130 million, the Long Beach Post reported.
Following the transaction, Redwood West will oversee The Pike’s property management, leasing, marketing and operations. Redwood West and Panattoni have teamed up to buy retail space in Greater Los Angeles before; in March, the two firms bought the 1.2-million-square-foot Victoria Gardens mall in Rancho Cucamonga for $530 million.
The Pike Outlets is 91 percent leased and draws 7 million visitors each year to Long Beach’s downtown waterfront business and entertainment district. Cinemark Theatres is an anchor tenant at the property, joined by a mix of tenants including H&M, Levi’s, P.F. Chang’s, California Pizza Kitchen, EōS Fitness and Starbucks.
Redwood West plans to sink roughly $20 million into the property 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 Principal John Pomer said, per L.A. Business First.
The Southern California region saw an uptick in retail investment last year with promising fundamentals and relatively affordable properties luring in investors. Last August, Pacific Retail Capital Partners, Lyon Living and Silverpeak acquired Lakewood Center in Lakewood from Macerich for $332.1 million, down from its $630 million appraisal in 2015. That sale followed another Macerich disposition in Thousand Oaks in late 2024 when the Santa Monica-based firm sold The Oaks retail property for $157 million, below its 2002 sale price of $152.5 million, or more than $284 million in today’s dollars after adjusting for inflation, The Real Deal reported.
Last fall, Vestar sold Long Beach Towne Center, located roughly eight miles northeast of The Pike Outlets, to CenterCal Properties and DRA Advisors for $145 million.
— Chris Malone Méndez
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