Heart of downtown Long Beach shopping sold to high-profile buyer with big plans
Long Beach’s waterfront centerpiece is heading for a major reset.The Pike Outlets, a 394,616-square-foot open-air shopping and entertainment complex overlooking the city’s shoreline, has been sold for $50 million to Newport Beach-based real estate firm Redwood West, which is already lining up a multimillion-dollar transformation ahead of the 2028 Summer Olympics.Redwood West is partnering on the acquisition with Irvine-based developer Panattoni.Built in 2003 on 18 acres of city-owned waterfront land that once housed a historic seaside amusement park, The Pike sits steps from the Long Beach Convention & Entertainment Center and the Aquarium of the Pacific. The project originally cost $130 million to develop.Today, it remains a major draw, pulling in roughly 7 million visitors a year and maintaining a strong 91% occupancy rate.Its tenant roster includes Cinemark Theatres, Gladstones, Restoration Hardware, Starbucks and Nike Factory Store, among others.Now, Redwood West is preparing to pour $20 million into upgrades, with the Olympics in 2028 acting as a major deadline and catalyst.Long Beach will host 18 Olympic and Paralympic events, including water polo, handball and sport climbing, many centered around the city’s downtown and waterfront corridor.Some of the planned changes are aimed at turning The Pike into more of an all-day public gathering space than a traditional retail center.Plans include upgraded tenant curation, expanded public areas, an event lawn, improved landscaping and seating, digital signage and on-site art installations.“We are making a concerted effort to effectuate as much improvement prior to the Olympics; however we will be on a five-year plan,” said managing partner Colby Cyburt.“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....