DJM and PGIM Real Estate Announce Acquisition of Long Beach Exchange
California-based private-equity real-estate-and-development firm DJM, in partnership with PGIM Real Estate, has announced its acquisition of Long Beach Exchange.
Long Beach Exchange is an open-air property built in 2018 in Long Beach, Calif., that includes a mix of retail, fitness, daily-needs stores and restaurants including Nordstrom Rack, Ra Yoga, Silverlake Ramen and Whole Foods. LBX also features The Hangar, a food hall decorated in the style of a vintage aviation hangar that offers small, artisanal-food vendors and boutique retailers.
“Although COVID undoubtedly impacted retail across all sectors, we’re now experiencing a tremendous return to growth across our entire portfolio, with foot traffic and sales numbers surpassing even pre-pandemic figures,” said Chad Cress, chief creative officer at DJM. “This rebound, which reinforces the ever-changing nature of retail, is due largely in part to the outdoor nature of our properties as well as thoughtful community programming and relevant, region-specific merchandising. Long Beach Exchange is a fantastic addition to the DJM portfolio, and we look forward to shaping the property into the best version of itself.”
The purchase of LBX is the latest acquisition by DJM, which has placed an emphasis on growth and portfolio expansion of open-air retailers and shopping centers because of the ongoing pandemic. LBX joins DJM’s portfolio, which includes the California-based Hollywood & Highland in Los Angeles, Lido Marina Village in Newport Beach and Bella Terra in Huntington Beach.