Renovations Planned for Popular Retail and Dining Destination in Downtown Santa Barbara
Santa Barbara, Calif. (October 22, 2015) – A partnership between Pacific Retail Capital Partners and Silverpeak Real Estate Partners announced today that it has formed a joint venture with institutional investors advised by J.P. Morgan Asset Management as owners of the 154,900-square-foot Paseo Nuevo specialty Shops and Restaurants in Santa Barbara. Located on the Pacific Coast between Los Angeles and San Francisco, Paseo Nuevo has become an integral component of the downtown experience.
“The property is in a prime location in the heart of downtown, with excellent access for local customers and visitors, as well as its proximity to more than 30,000 students at the University of California, Santa Barbara and Santa Barbara City College,” said Steve Plenge, managing principal, Pacific Retail Capital Partners. “While the shops and restaurants continue to perform well, we believe there are opportunities to enhance the property, improve the experience and better serve guests and tenants.”
Opened in 1990, Paseo Nuevo features a charming, open-air setting surrounded by Spanish-style architecture, shade trees and fountains. It is anchored by two of California’s most poplar retailers, Nordstrom and Macy’s, with a variety of restaurants and shops such as Eureka! Gourmet Burgers, Sephora, Lush, Victoria’s Secret, Kitson, Aveda, Lorna Jane and others that appeal to its diverse customer base.
“The partnership intends to work with the city to enhance and update the 20-year-old property through aesthetic renovations over the next 18 months.” explained Gary Karl, executive vice president, Pacific Retail Capital Partners. “A refocused lease plan will also be executed to ensure our offerings meet the needs of local customers, as well as the 8.2 million day trippers and overnight visitors our area serves annually.”
In 2012, Paseo Nuevo went through an initial round of renovations including updating the center court, rebuilding the fountain, installing new monument signage and working with an architectural design firm on asthenic enhancements. “This next round of renovations will be seamlessly integrated with city planning initiatives, revitalizing the guest’s downtown experience to solidify the property as the crown jewel of the downtown shopping district.” added Constantine Tujios, senior vice president of Silverpeak Real Estate Partners.
Gensler has been engaged to create the new design and will take into account the city’s vision for the downtown evolution as detailed in its master plan.
Pacific Retail Capital Partners oversees all operations at Paseo Nuevo as well as its renovation. The company has significant experience in the management, leasing and repositioning of large regional malls. BMW Realty Advisors, led by co-founder and principal Bob Baker, joins as an investor in the project and will handle all leasing efforts. To learn more about Paseo Nuevo visit http://www.paseonuevoshopping.com/ or through updates on its social media pages:
# # #
About Paseo Nuevo
Paseo Nuevo is the Pacific Coast’s most distinctive collection of unique, stylish retailers between Los Angeles and San Francisco. The center is located in the heart of downtown Santa Barbara – an international mecca for those seeking luxurious surf, serenity, sun and shopping. Opened in 1990, the center is anchored by Nordstrom and Macy’s, California’s most dominant department stores. Presented in a charming, open-air Spanish setting, Paseo Nuevo features 154,900 square feet of specialty retailers and restaurants like Eureka! Gourmet Burgers, Sephora, Lush, Victoria’s Secret, Kitson, Aveda, Lorna Jane and others.
For more information, visit http://www.paseonuevoshopping.com/
About Pacific Retail Capital Partners
Pacific Retail Capital Partners is a fully integrated, entrepreneurial organization with an unparalleled depth of knowledge in all aspects of retail real estate. Its team of executives and strategic partners draw on decades of experience with major national shopping center owners to deliver top-tier service as an operating partner and provide efficient oversight of the company's own portfolio. Pacific Retail's broad-based talent is versed in multiple disciplines from investment and development, which enables the company to quickly assess market opportunities, to management, leasing and marketing which allows it to effectively control costs and maintain the quality of its properties. Based in Southern California, the company operates nationally with a particular emphasis on large regional malls. Its investment and management portfolio includes the West Oaks Mall in Houston; Yorktown Center in suburban Chicago; Colonie Center outside Albany, New York; South Towne Center in Sandy, Utah and Queen Ka’ahumanu Center on Maui, Hawaii. To learn more visit http://www.pacificretail.com
About BMW Realty Advisors
BMW Realty Advisors is a commercial property consulting and brokerage firm specializing in providing owners of retail properties with the expertise required to maximize value. Their strategies and actions prepare a property for its next capital event. Based in Southern California, they have worked on properties around the country as an investor and or providing leasing and development services for properties such as Park Lane- Dallas, TX, The Landing, Renton, WA, The Point in El Segundo, CA. To learn more visit http://www.bmw-re.com
About Silverpeak Real Estate Partners
Silverpeak Real Estate Partners is a full-service, diversified real estate investment business with over $10 billion of gross real estate assets under management. Silverpeak acquires and manages real estate on behalf of commingled funds, separate accounts and for its own account. Since 2010, Silverpeak, together with its operating and capital partners, has invested in more than 100 transactions aggregating over $5 billion of gross real estate asset value in the US. The Firm has invested in office, retail, multifamily, hotel and other asset classes. In addition, the Firm recently formed Silverpeak Real Estate Finance, in partnership with Elliott Management Corporation, to make commercial real estate loans throughout the US. http://www.silverpeakre.com/
About J.P. Morgan Asset Management – Global Real Assets
J.P. Morgan Asset Management – Global Real Assets has more than $85 billion in assets under management and more than 400 professionals in the U.S., Europe and Asia Pacific, as of June 30, 2015. With a 45-year history of successful investing, J.P. Morgan Asset Management – Global Real Assets’ broad capabilities provide many of the world’s most sophisticated investors with a global platform of real estate, infrastructure and transportation strategies driven by local investment talent with disciplined investment processes consistently implemented across asset types and regions. The Global Real Assets team is part of J.P. Morgan Asset Management's Alternatives Investments business, which collectively manages over $120 billion in client assets across real assets, hedge funds, credit and private equity. To learn more visit http://jpmorgan.com/institutional/global_real_assets