CenterCal Properties, DRA Advisors Buy Long Beach Mall For $145M
CenterCal Properties and DRA Advisors spent $145M, about $167 per SF, to buy the 870K SF Long Beach Towne Center.
CenterCal and private equity firm DRA announced the sale earlier this week, but Commercial Observer was the first to report the acquisition price.
New ownership plans "a comprehensive reinvestment strategy designed to elevate the guest experience, strengthen the merchandising mix, and create vibrant community gathering spaces," according to a release.
Upgrades include the addition of outdoor gathering areas, new restaurants, upgraded signage and lighting, and improved pedestrian pathways.
Vestar developed and sold the mall, according to CoStar.
Malls have been hot commodities since the summer. Pacific Retail Capital Partners, Lyon Living and Silverpeak paid $332M for Macerich’s 2.1M SF Lakewood Center in August. In July, Regency Centers dropped $357M on five retail properties in Rancho Mission Viejo in Orange County.
