The Pike at Rainbow Harbor in Long Beach has a new owner on the way, with a venture led by Redwood West and Panattoni agreeing to buy the waterfront complex for roughly $50 million and promising about $20 million in upgrades aimed squarely at the 2028 Olympics. Plans focus on reworking the center's main courtyard, adding gathering spaces and events, and refreshing landscaping, signage, and amenities for both locals and visitors. The deal covers the seller's ground-lease interest in the retail center and is expected to close this fall if customary conditions are met.
According to a Securities and Exchange Commission filing by SITE Centers, the company agreed to sell its ground leasehold interest and related interests in The Pike Outlets for approximately $50.0 million in cash. The filing estimates net proceeds at about $46.0 million after adjustments and notes that the purchaser posted a roughly $1.5 million nonrefundable deposit. Closing is anticipated by the end of the third quarter of 2026.
The buyer is a venture led by Newport Beach real estate firm Redwood West and industrial developer Panattoni, as reported by the Long Beach Post. The outlet notes that the Pike - an open-air outlet complex with more than 40 shops and restaurants, a 14-screen theater and a multi-level parking structure with about 2,200 spaces - sits on roughly 18 acres of city-owned tidelands. Colby Cyburt, a managing partner at Redwood West, told the Post the group wants to refocus the center toward Long Beach residents while still serving tourists, convention traffic and cruise visitors.
SITE Centers' quarterly supplement lists the Pike's gross leasable area at about 389,000 square feet and shows a pro-rata leased rate near 91.2%. The company's investor materials also identify anchors such as Cinemark, Gold's Gym, H&M and Nike among the property's tenants. Those figures help explain why SITE marketed the asset as part of a broader portfolio disposition program.
Redwood West and Panattoni have been busy buyers this year. The pair led a March purchase of Victoria Gardens in Rancho Cucamonga for roughly $530 million, a move that was earlier reported as a plan to drop $530 million on Victoria Gardens. That deal, where the buyers signaled plans for a sizable capital program, helps explain the emphasis on placemaking and upgraded public spaces at the Pike.
Planned upgrades and timeline
Redwood West's pitch includes a roughly $20 million capital program to make the Pike "Olympic ready," covering a revamped main courtyard, new FF&E, refreshed directories and signage, enhanced landscaping and targeted Olympic activations, according to the Long Beach Post. The outlet said the work will also add events programming and live music aimed at drawing both locals and visitors. The buyer expects to begin visible improvements after closing and once tenant estoppels and city consent are secured.
What it could mean for Long Beach
Industry coverage shows institutional appetite for open-air lifestyle centers in Southern California remains strong, and buyers are increasingly pouring capital into landscaping, signage and programming to sustain foot traffic. Commercial Observer notes that trend has been a major driver behind recent, larger mall trades. For Long Beach, a refreshed Pike could further cement the waterfront as both a neighborhood amenity and a complement to nearby attractions during and after the 2028 Games.
The SEC filing states that closing is contingent on customary conditions, including consent from the City of Long Beach, delivery of tenant estoppel letters and the absence of casualty or condemnation events. If those conditions are met and the sale closes by the end of September, the Pike's new owners plan to move quickly on the capital program to reposition the center for local use and Olympic-era demand.
