CenterCal Properties and Heitman have jointly acquired The Streets of Brentwood, an open-air shopping center in Brentwood. The 358,700-square-foot property was purchased for an undisclosed amount and the new owners plan to revamp and improve its offerings.
According to Jean Paul Wardy, CEO of CenterCal Properties, this acquisition is a significant addition to their portfolio of top-notch mixed-use properties. They are dedicated to creating spaces that not only serve as retail destinations but also as community gathering places where people can relax and enjoy various experiences. Wardy looks forward to collaborating with their retail partners and the Brentwood community in elevating this dynamic center.
Gordon Black from Heitman commented on the strong performance of open-air lifestyle centers post-COVID-19 pandemic due to minimal new supply coupled with sustained demand from retailers. This trend is expected continue benefiting these types of properties.
