Northmarq arranges the sale of The Pike in Long Beach
Image credit: Northmarq
LONG BEACH, Calif. — Northmarq's Investment Sales team, led by Bryan Ley and Tim Kuruzar, successfully completed the sale of The Pike, a 394,616-square-foot lifestyle center located at 95 S. Pine Ave. in Long Beach, California.
Ley and Kuruzar, members of Northmarq's National Shopping Center Group, represented the seller in the transaction. Redwood West and Panattoni were the buyers.
“We are thrilled to announce the closing of the sale of The Pike in Long Beach. This asset represented one of the premier coastal value-add opportunities in the market today and clearly demonstrated the significant institutional capital currently pursuing high-quality open-air lifestyle centers,” said Ley. “We are excited to see the fresh ideas and new tenants the buyers will introduce to benefit the Long Beach community and the property’s more than six million annual visitors to the center.”
“We look forward to bringing new life to The Pike through a thoughtful curation of new tenants, events, and gathering spaces that encourage families, residents and visitors alike to spend more time enjoying the Long Beach shoreline and everything that this community has to offer,” said John Pomer, principal of Redwood West. “With this acquisition, our team will work to increase visitation and further strengthen The Pike's connection to the Long Beach community.”
Built in 2003, The Pike is a landmark retail and entertainment destination situated in the heart of Long Beach's downtown waterfront business and entertainment district. The property sits on 18.645 acres subject to a ground lease with the City of Long Beach and is 91% leased to a diverse mix of national and regional tenants. Anchor tenants include Restoration Hardware, Cinemark, EōS Fitness, Nike Factory Store, H&M, Levi's, P.F. Chang's, Gladstones, California Pizza Kitchen, and Starbucks, among others.
The property features a total gross leasable area of 394,616 square feet, including owned retail space and a ground lease parcel occupied by the 138-room Hyatt Centric hotel. The Pike benefits from more than 4,100 parking spaces, including a 2,200-space parking structure.
About Redwood West
Redwood West is a vertically integrated real estate investment, development and operating platform headquartered in Newport Beach, California. Led by Managing Partners John Pomer, Ben Gott and Colby Cyburt, Redwood West has a proven track record with its investors and continues to seek opportunities that match its experiential real estate strategy. Redwood West owns and operates a large-scale Southern California-based portfolio which includes iconic properties such as Victoria Gardens, Lido Marina Village and Peninsula Village, among others. www.redwoodwest.com
Meet our team
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $80 billion and has completed $91.3 billion in transactions over the past fours years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
