Shopoff Realty Investments and Praelium Commercial Real Estate in partnership with an affiliate of Dune Real Estate Partners, have acquired the three-story, 175,000-square-foot, former Nordstrom property at the Paseo Nuevo mixed-use shopping center in downtown Santa Barbara.
The financial terms were not disclosed.
“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, Shopoff president and CEO. “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.”
The vacant 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
