The Pike Outlets, the 394,616 square-foot shopping center on Long Beach’s waterfront, has been acquired by a Newport Beach real estate firm for $50 million.
The Pike was built in 2003 and is home to various retail, dining and entertainment establishments, including Cinemark Theatres, Gladstones, Restoration Hardware, Starbucks and Nike Factory Store, among others. It’s also located near the Long Beach Convention & Entertainment Center and the Aquarium of the Pacific.
Redwood West, the Newport Beach firm with several other high-profile California projects — including Victoria Gardens in Rancho Cucamonga, and Lido Marina Village and the Peninsula Village, which are both in Newport Beach — has taken over The Pike, alongside the firm’s partner, Irvine real estate developer Panattoni.
SITE Centers Corporation, the Pike’s previous owner, sold its ground leasehold interest and all other interests in the Pike to Redwood West, according to a May filing with the U.S. Securities and Exchange Commission, for $50 million in cash.
“Great destinations bring people together,” Redwood West principal John Pomer said in a news release. “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.”
And to that end, the firm plans to invest $20 million into the Pike over the next five years, with a focus on getting the Pike ready to accommodate, entertain and attract visitors during the upcoming 2028 Summer Olympics, according to Redwood West managing partner Colby Cyburt.
The Pike Outlets in Long Beach, CA. (Photo courtesy of Redwood West).
Workers get things set up on the track as they prepare for the pit show at the Thunder Thursday event at the Pike Outlets in Long Beach, CA, on Thursday, September 23, 2021. (Photo by Tracey Roman, Contributing Photographer)
People participate in a Silent disco during the Pike Outlets
(Photo by Stephen Carr / Daily Breeze / SCNG )
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The Pike Outlets in Long Beach, CA. (Photo courtesy of Redwood West).
Long Beach will host 18 Olympic and Paralympic events during the Games, including water polo, handball and sport climbing, among others — many of which will be hosted in Long Beach’s downtown and waterfront areas near the Pike.
“We are making a concerted effort to effectuate as much improvement prior to the Olympics; however we will be on a five-year plan,” Cyburt said. “Capital will be spent towards upgrading tenancy through a thoughtful, curated merchandising mix, place-making including various upgraded public areas including an event lawn, enhanced landscaping and seating areas, digital signage, and on-premise art.”
Besides new leasing, though, Redwood West is also planning to focus on supporting the Pike’s existing tenants — and finding new ways to engage the community.
“Redwood West will oversee property management, leasing, marketing and operations,” the company said, “bringing its hospitality-driven approach and experience managing some of Southern California’s most successful mixed-use and waterfront destinations.”