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Suburban Centers Can Still Play Key Role

After a joint venture recently acquired a former Macy's building, Paseo Nuevo Shops & Restaurants is now positioned to repurpose the building to fit community needs and better serve the retail environment.

Paseo Nuevo Paseo Nuevo is anchored by Nordstrom and features 154,900 square feet of specialty retailers.

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.

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Lisa Brown

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.

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