Pacific Retail Capital Partners and Silverpeak Real Estate Partners
Join J.P. Morgan as Ownership Group for Paseo Nuevo Shopping Center
Renovations Planned for Popular Retail and Dining Destination in Downtown Santa Barbara
Santa Barbara, Calif. (November 2015) – A partnership between Pacific Retail Capital Partners and Silverpeak Real Estate Partners announced today that is has joined 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, tenants and the local community.”
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 popular 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. The enhancements will take into account the city’s vision for the downtown evolution as detailed in its master plan.” 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. Paseo Nuevo also recently chose to responsibly replace existing high-water foliage and flowing fountains with beautiful, low-water, native California plants.
“This next round of renovations will reimage guest’s downtown experience by restoring the property to its original grandeur and seamlessly integrating into city planning.” added Constantine Tujios, senior vice president of Silverpeak Real Estate Partners. “Once complete, Paseo Nuevo’s economic potential can be realized through young affluent local families, nearby students and tourists drawn each year to the area’s majestic mountains and beautiful beaches.”
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. Additionally, BMW will handle leasing. To learn more about Paseo Nuevo visit http://www.paseonuevoshopping.com/ or through updates on its social media pages:
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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