Joint Venture Acquires Former Nordstrom Building in Downtown Santa Barbara

by Julia Sanders

Santa Barbara, Calif. — A joint venture between Shopoff Realty Investments, Praelium Commercial Real Estate and an affiliate of Dune Real Estate Partners has acquired a 175,000-square-foot building formerly occupied by Nordstrom at Paseo Nuevo, a mixed-use center in downtown Santa Barbara. Terms of the transaction were not released. The three-story building is connected to the north end of the center, which offers more than 450,000 square feet of open-air space. 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.

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