Pike Outlets in Long Beach Sold for $50 Million, Set for Major Renovation

The Pike Outlets, a 394,616-square-foot shopping and entertainment complex in downtown Long Beach, has been acquired by Newport Beach-based real estate firm Redwood West for $50 million. Redwood West is partnering with Irvine-based developer Panattoni on the acquisition and is planning a multimillion-dollar renovation of the property, with the 2028 Summer Olympics serving as a catalyst.

The Pike Outlets, originally built in 2003 on 18 acres of city-owned land, overlooks the city's shoreline and is situated near the Long Beach Convention & Entertainment Center and the Aquarium of the Pacific. The initial development cost was $130 million.

The complex currently boasts a 91% occupancy rate and attracts approximately 7 million visitors annually. Its tenants include Cinemark Theatres, Gladstones, Restoration Hardware, Starbucks, and Nike Factory Store.

Olympic Transformation

Redwood West plans to invest $20 million in upgrades, aiming to enhance the complex into a year-round destination. With Long Beach set to host 18 Olympic and Paralympic events in 2028, including water polo, handball, and sport climbing, many of which will be centered around the downtown waterfront, the timing is crucial. Planned improvements aim to shift the focus from a traditional retail center to a more inclusive public gathering space.

Proposed changes include an updated tenant mix, expanded public areas, an event lawn, enhanced landscaping and seating, digital signage, and on-site art installations. Colby Cyburt, managing partner at Redwood West, stated that capital will be allocated towards upgrading tenancy and placemaking, with a five-year plan for improvements, prioritizing pre-Olympic readiness.

Redwood West’s principal John Pomer emphasized the vision to leverage the waterfront location, creating a vibrant gathering place with events and public spaces to foster community connection year-round.

Beyond physical upgrades, Redwood West will manage property operations, leasing, and marketing, applying a hospitality-driven approach. The firm has prior experience with similar lifestyle destinations and office properties.

Panattoni, the development partner, is a global industrial and logistics company. The city of Long Beach has a vested interest in The Pike's success, as the property generates substantial sales tax revenue and has benefited from city infrastructure investments. As the 2028 Olympics approach, the waterfront district is expected to be a high-traffic international showcase, positioning The Pike prominently.