SANTA BARBARA, CA—Paseo Nuevo is one of the most recognized collection of retailers between Los Angeles and San Francisco. Pacific Retail Capital Partners and institutional investors advised by JP Morgan Asset Management, the owners of Paseo Nuevo Shops & Restaurants, acquired the former Macy's building that was vacated by the anchor tenant in March 2017.
Paseo Nuevo Shops & Restaurants is now positioned to repurpose the 135,000-square-foot building to fit the needs of the community and to better serve today's retail environment. Paseo Nuevo has been working with Macy's in anticipation of this acquisition. This opportunity will continue to elevate the atmosphere of this downtown open-air center.
“The world of retail is changing dramatically, but shopping centers still can have a central role in urban and suburban societies,” Najla Kayyem, senior vice president marketing for Pacific Retail Capital Partners, tells GlobeSt.com. “Our goal is to reinvent the Paseo Nuevo shopping destination with a fresh look and much-needed changes that give our customers the experience they're looking for.”
Opened in 1990, the center is anchored by Nordstrom in a distinctive Spanish setting. Paseo Nuevo features 154,900 square feet of specialty retailers and restaurants such as Eureka! Burgers, Sephora, Saje, Lush, Victoria's Secret, Aveda and Lorna Jane.
“Investment in the former Macy's building demonstrates our commitment to this community, State Street and the next generation planning of Paseo Nuevo. We have been working to form the adaptive reuse of the building that will contribute to the balance and remerchandise of the area,” said Steve Plenge, managing principal, Pacific Retail Capital Partners.
Local architectural firms have been engaged to assist in the overall vision and concept planning of the space. In the meantime, the current building offers a unique opportunity that will allow for community events, pop-up shops and entertainment experiences.
“We are confident that vibrant Santa Barbara retail will be a long-term winner as the department store universe evolves,” Lee Schaffler, executive director, JPMorgan Asset Management, tells GlobeSt.com.
Pacific Retail Capital Partners oversees all operations at Paseo Nuevo as well as its vision for the future. The company has significant experience in the management, marketing, leasing and repositioning of large regional lifestyle centers. BMW Realty Advisors, led by co-founder and president Bob Baker, leads leasing efforts in conjunction with a team from CBRE.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
