Costa Mesa-based CenterCal Properties and New York City-based DRA Advisors said Friday they had acquired Long Beach Towne Center, an 870,000-square-foot regional destination in Long Beach, for an undisclosed sum. The new ownership sees the acquisition as a significant opportunity to reimagine one of Southern California’s most prominent retail and entertainment destinations.
DRA and CenterCal, in partnership with the City of Long Beach, will implement a comprehensive reinvestment strategy designed to elevate the guest experience, strengthen the merchandising mix and create vibrant community gathering 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,” said Jean Paul Wardy, CEO of CenterCal. “Together with DRA, we will transform Long Beach Towne Center into a destination that brings people together, drives strong results for our retailers and creates long-term value for the community.”
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