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CenterCal and DRA Acquire Long Beach Towne Center for $145 Million

The purchase signals investor confidence in Southern California shopping centers driven by tight development pipelines.

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The 870,000-square-foot Long Beach Towne Center will be redeveloped to include expanded retail and dining options, new outdoor gathering areas, updated entertainment offerings, as well as renovated signage, lighting, pedestrian pathways and parking.

Overview

  • The 870,000-square-foot complex at 7575 Carson Boulevard traded at roughly $167 per square foot.
  • The new owners are partnering with the City of Long Beach on public‑realm upgrades including lighting, signage, pedestrian walkways, landscaping, public art and parking.
  • Repositioning plans prioritize chef-driven and fast-casual dining alongside curated retail, boutique fitness, wellness and community spaces.
  • CenterCal CEO Jean Paul Wardy described the center as a community cornerstone and said the team aims to make it more relevant for today’s consumers.
  • Recent Southern California comparables include $332 million for Lakewood Center and $357 million for a Regency Centers portfolio in Rancho Mission Viejo, and CoStar identifies Vestar as the seller here.