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…