Home Alts News Shopoff JV Buys Former Nordstrom Building in Downtown Santa Barbara

Shopoff JV Buys Former Nordstrom Building in Downtown Santa Barbara

Shopoff Realty Investments and Praelium Commercial Real Estate, in partnership with an affiliate of Dune Real Estate Partners, has purchased the three-story, 175,000-square-foot, former Nordstrom property in downtown Santa Barbara.

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Shopoff Realty Investments and Praelium Commercial Real Estate, in partnership with an affiliate of Dune Real Estate Partners, has purchased the three-story, 175,000-square-foot, former Nordstrom property in downtown Santa Barbara.

A vacant former Nordstrom, the property is connected to the north end of the Paseo Nuevo mixed-use shopping center. Paseo Nuevo is a more than 450,000-square-foot Spanish-style, open-air mixed-use shopping center originally constructed in 1924.

The property underwent a wholesale redevelopment between 1989 and 1994 into its current form, and more recently, underwent a $20 million renovation to upgrade the “outdoor lifestyle shopping experience,” Shopoff said. The leasehold interest on the property is with the City of Santa Barbara Redevelopment Agency.

“An amenity-rich and highly walkable location, this property is one of the best located and largest spaces available in Downtown Santa Barbara,” said William Shopoff president and chief executive officer. “The property’s strong fundamentals will provide our team a fantastic opportunity to work with the city to determine the highest and best use for this vacant space, with the ultimate goal of a lasting positive impact on the surrounding community and businesses.”

Shopoff Realty Investments is an Irvine, California-based real estate firm and private placement sponsor with a 29-year history of value-add and opportunistic investing across the United States. The company primarily focuses on generating appreciation through the repositioning of commercial income-producing properties and the entitlement of land assets.

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