The major centre, Long Beach Towne Center, situated in one of California’s largest cities, has changed hands.
Retail and mixed-use developer CenterCal Properties and real estate private equity firm DRA Advisors have announced the acquisition of Long Beach Towne Center – an 870,000sq ft regional destination in Long Beach, California. Located off Interstate 605, the centre is anchored by Walmart, Lowe’s and Sam’s Club and hosts a number of retail, dining and entertainment tenants, including a Regal Cinemas movie theatre and a Dave & Buster’s.
CenterCal and DRA said the acquisition underscores both firms’ confidence in “grocery-anchored, experiential and necessity-based retail” as resilient and high-performing asset classes.
“Long Beach Towne Center is already a cornerstone of the community and we see tremendous potential to make it even more dynamic and relevant for today’s consumer,” said Jean Paul Wardy, CEO of CenterCal Properties. “Together with DRA, we will transform Long Beach Towne Center into a destination that brings people together, drives strong results for our retailers and creates long-term value for the community.”
CenterCal and DRA said they plan to improve the property through retail curation, food & beverage activations, enhanced public gathering areas, greater entertainment and lifestyle offerings and a “refresh” of the property’s signage, pathways and more.
“DRA is excited to partner with CenterCal on this iconic property,” said Brett Gottlieb, Senior Managing Director at DRA Advisors. “CenterCal’s expertise in placemaking and tenant curation will ensure that Long Beach Towne Center continues to thrive and remain a premier destination for decades to come.”
