CenterCal Properties and DRA Advisors Acquire Long Beach Towne Center
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Costa Mesa-based CenterCal Properties, a premier retail and mixed-use developer and operator, and DRA Advisors, a real estate private equity firm, acquired Long Beach Towne Center from Vestar for $145 million.
“DRA is excited to partner with CenterCal on this iconic property,” said Brett Gottlieb, senior managing director at DRA Advisors, in a statement. “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.”
DRA and CenterCal, in partnership with the City of Long Beach, will implement a comprehensive reinvestment strategy for the 870,000-square-foot retail center designed to elevate the guest experience, strengthen the merchandising mix and create vibrant community gathering spaces.
“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, chief executive of CenterCal Properties, in a statement. “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.”
Information for this article was sourced from the CenterCal.
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