CenterCal, Heitman adds Brentwood open-air shopping center

CenterCal Properties and Heitman have completed the joint acquisition of The Streets of Brentwood, an open-air shopping center in Brentwood, for an undisclosed amount. The new owners of the 358,700 square meter property plan to redesign and improve the center’s offering.

“The Streets of Brentwood is an important addition to our portfolio of premier mixed-use properties,” said Jean Paul Wardy, CEO of CenterCal Properties. “We strive to create spaces that serve not only as shopping destinations, but also as community centers where people can come together, relax and enjoy diverse experiences. We look forward to working closely with our retail partners and the Brentwood community to further enhance this vibrant center.”

Gordon Black, portfolio manager at Heitman, added: “Open-air lifestyle centers have demonstrated strong operational fundamentals following the COVID-19 pandemic. These fundamentals also benefit from minimal new supply and continued demand from retailers, a trend we believe will continue.”