Shopoff Realty Investments, Praelium and Dune Acquire Former Nordstrom Building in Downtown Santa Barbara
Santa Barbara, CA – Nov. 4, 2021 – Shopoff Realty Investments and Praelium Commercial Real Estate in partnership with an affiliate of Dune Real Estate Partners, successfully acquired the three-story, 175,000-square-foot, former Nordstrom property at the Paseo Nuevo mixed-use shopping center in Downtown Santa Barbara.
“An amenity-rich and highly walkable location, this property is one of the best located and largest spaces available in Downtown Santa Barbara,” explained Shopoff President and CEO William Shopoff. “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.”
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 enhance the outdoor lifestyle shopping experience. The leasehold interest on the property is with the City of Santa Barbara Redevelopment Agency.
Scott G. San Filippo, founding principal of Praelium Commercial Real Estate added, “Our team has a high level of respect for, and is very much looking forward to working with the City. Through smart redevelopment we believe we are poised to aide in the revival of this end of State Street.”
Shopoff added, “We are proud to partner once again with Praelium and inaugurally with Dune, and believe our partnership’s combination of best-in-class development experience coupled with extensive real estate expertise will make this a successful project for our respective teams, and most importantly for the City of Santa Barbara.”
About Shopoff Realty Investments
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 29-year history of value-add and opportunistic investing across the United States. The company primarily focuses on proactively generating appreciation through the repositioning of commercial income-producing properties and the entitlement of land assets. The 29-year history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments (formerly known as The Shopoff Group). Performance has varied in this time frame, with certain offerings generating losses. For additional information, please visit www.shopoff.com or call (844) 4-SHOPOFF.
This is not an offering to buy or sell any securities. Such offer may only be made through the offerings memorandum to qualified purchasers. Any investment in Shopoff Realty Investments programs involves substantial risks and is suitable only for investors who have no need for liquidity and who can bear the loss of their entire investment. There is no assurance that any strategy will succeed to meet its investment objectives. The performance of this asset is not indicative of future results of other assets. Securities offered through Shopoff Securities, Inc. member FINRA/SIPC, 2 Park Plaza, Suite 770, Irvine, CA 92614, (844) 4-SHOPOFF.
About Praelium Commercial Real Estate
Praelium is a commercial real estate advisory firm founded in 2015, and headquartered in Orange County, California. Led by Michael E. Meyer and Scott G. San Filippo, over the past decade the partners have worked on the acquisition and stabilization of 5 million square feet of real estate. Utilizing its proprietary, research-guided, and data-driven approach, the company focuses on acquiring exceptional commercial property investments with a primary focus on office projects located in the Southeast and Western US.
About Dune Real Estate Partners
Dune Real Estate Partners is a New York City-based real estate investment firm executing an investment strategy that focuses on distressed, deep value-add and contrarian investing balanced by region, sector, and risk profile. Dune manages the Dune Real Estate Funds, which were launched by Mr. Daniel M. Neidich in 2005 and have raised approximately $4.2 billion of equity capital to date. Dune invests on behalf of pension funds, sovereign wealth funds, endowments and other large institutions and individuals.