#United States #Long Beach #DRA Advisors #CenterCal

Long Beach Towne Center: A New Chapter

In a significant development for the retail landscape of Southern California, CenterCal Properties and DRA Advisors have announced their acquisition of the Long Beach Towne Center, a sprawling 870,000-square-foot commercial destination in Long Beach, California. This strategic move not only adds to the dynamic portfolios of both companies but also sets the stage for a comprehensive revitalization plan that aims to transform the center into a lively community hub.

Reimagining a Retail Destination

The Long Beach Towne Center has long served as a prominent shopping and entertainment venue in the area. However, the new partnership between CenterCal and DRA is set to inject fresh life into this beloved locale. Their reinvestment strategy focuses on enhancing the overall guest experience, diversifying the retail mix, and creating inviting community 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," stated Jean Paul Wardy, CEO of CenterCal Properties. His vision, supported by DRA's expertise, is to create a destination that fosters community interaction while driving success for its retailers.

Key Planned Improvements

1. Retail Curation: A carefully selected mix of reputable national retailers will be introduced alongside upcoming brands and local favorites. This thoughtful approach is designed to elevate the shopping experience, catering to diverse consumer preferences and needs.

2. Food and Beverage Activation: Dining is set to become a highlight with an expansion of chef-driven restaurants, fast-casual eateries, and café options. The aim is to position Long Beach Towne Center as a premier culinary destination that attracts food lovers from all around.

3. Public Realm Enhancements: The design will focus on creating attractive outdoor gathering spaces featuring shaded seating, lush landscaping, public art installations, and year-round programming that reflects the rich culture and diversity of Long Beach.

4. Entertainment and Lifestyle Offerings: The revitalization plan encompasses the reinvigoration of entertainment anchor tenants while introducing fitness and wellness facilities. These new offerings will appeal to families and individuals seeking both recreation and health-oriented experiences.

5. Design Refresh: A commitment to safety and convenience will see upgrades to signage, lighting, pedestrian pathways, and parking areas, ensuring a welcoming environment for all visitors.

A Partnership for the Future

The strategic acquisition by CenterCal and DRA Advisors underlines the confidence both firms have in the resilient nature of grocery-anchored and experiential retail sectors. As Brett Gottlieb, Senior Managing Director at DRA Advisors, expressed, "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."

About the Companies

DRA Advisors, a New York-based registered investment advisor, has established a robust reputation for managing real estate investments. With over $42 billion in acquired assets since its inception in 1986, DRA continues to adapt to the evolving market landscape. CenterCal, founded in 2004, is committed to creating vibrant community spaces and is recognized for its successful developments throughout the western United States.

Together, these firms strive not only for commercial success but also for creating a meaningful community impact through innovative real estate strategies. The redevelopment of Long Beach Towne Center represents a significant step toward fostering community connection and enhancing the overall quality of life for residents in the area.