(For more retail coverage, click GlobeSt.com/RETAIL.)
DOWNEY, CA-Investec Real Estate Cos. of Santa Barbara has acquired the 376,000-sf Downey Landing Shopping Center for $110 million, the buyer tells GlobeSt.com. Investec bought the nearly completed center, most of which is already open and operating, from Spring Creek Investors of Newport Beach.
Grant Harris of Investec tells GlobeSt.com that the retail venue is complete except for a Long's Drug Store building, a Bally's Fitness center and another out-pad building that are all due to be completed soon. Other tenants at the center include Old Navy, Best Buy, Bed Bath & Beyond, Ross, Marshalls, Staples, Michaels, PetSmart, Pier 1 Imports and Party America.
The Downey Landing Shopping Center is part of a larger development called Downey Landing that is located on part of a former 160-acre NASA property used over a period of 70 years for World War II aircraft manufacturing, research and production. The overall Downey Landing project is a $750-million redevelopment totaling more than three million sf of retail, medical and entertainment industry studio space.
The medical space is the 351-bed Kaiser Downey Medical Center. On the southwest portion of the site is the Columbia Memorial Space Learning Center, which will include educational programs, a visitor center and a 10-acre park with playing fields and picnic areas.
The Downey Landing Shopping Center adds to an Investec portfolio of more than three million sf of real estate, consisting primarily of retail and office space on the Central Coast and in Southern California. The company represented itself in the purchase, with the seller represented by Todd Goodman of the Newport Beach office of CB Richard Ellis.
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