La Cumbre Plaza, developed in 1965, is the first regional mall created by shopping center developer Ernest Hahn. Built on the site of an old dairy farm, La Cumbre Plaza today hosts anchor tenants Robinson-May and Sears, an extensive group of upper-end shops such as Williams-Sonoma, Pottery Barn and Ann Taylor, along with a Vons grocery store--all in an open air setting. The center contains approximately 474,000 sf.
Paseo Nuevo, with Macys and Nordstrom's as anchors, was built in 1990 as one of the nation's first lifestyle centers. With boutiques such as Banana Republic, Chicos, Bebe and GAP, Paseo Nuevo offers consumers open air shopping environment complemented by subterranean parking and walkways. Located in the heart of Santa Barbara's downtown, Paseo Nuevo includes more than 438,000 sf of upscale shopping and dining.
Madison Marquette expects to enhance the environment for which both malls are known. In the weeks ahead, its management team will work to elevate La Cumbre Plaza and Paseo Nuevo's status as first-class shopping and tourist destinations. The company expects to extend the centers' reach across an even broader consumer base.
The Paseo Nuevo acquisition was lead by Madison Marquette on behalf of J.P. Morgan Investment Management. This transaction is the first in a series of acquisitions that Madison Marquette will make on behalf of the Firm. Madison Marquette purchased La Cumbre Plaza on its own behalf.
Madison Marquette is confident that the Paseo Nuevo acquisition will mark the successful launch of the firm's on-going investment program with J.P. Morgan. Both properties are highly productive with sales volumes in excess of $400 per square foot.
In addition to the acquisition of the two Santa Barbara properties, Madison Marquette's activities in California include the development of Bay Street, a 1-million-sf mixed-use retail and residential project in Emeryville, the renovation of the 550,000 sf Manhattan Village Shopping Center in Manhattan Beach and ownership and management of signature properties in Westwood, Palm Desert and other major southern California locations.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
