South Bay Pavilion, a regional mall in Carson, CA, was sold to Los Angeles-based Vintage Real Estate, which is a subsidiary of Vintage Capital Group, an investment firm founded by Fred Sands. Irvine, CA-based Hopkins Real Estate Group sold the property for an estimated $50 million. Vintage specializes in acquiring value-add properties, including malls that are candidates for redevelopment.
According to Hopkins' website, the center, located next to the 405 Freeway on Avalon Boulevard, spans 71 acres and totals 982,904 square feet of gross leasable area. South Bay Pavilion is currently anchored by JC Penney, Sears, IKEA, and Target. It was built in 1973 and 1974 as "Carson Mall."
According to the L.A. Times, Hopkins, together with Genesis LA Real Estate Fund as equity partner, acquired the mall in early 2003 for $34.4 million, with a plan to spend $20 million to redevelop the property. In 2006, as part of its redevelopment efforts, Hopkins added a number outparcel buildings including 24 Hour Fitness, T-Mobile, Washington Mutual, Tony Roma's, and Chili's.
Currently, according to CoStar Property Professional, a significant amount of small shop and junior anchor space is being marketed as available for lease at the main enclosed mall part of the property.
Not all anchor and outparcel buildings were involved in the sale. For more details on these specific elements of the center, refer to CoStar Property Professional. For more information on the current sale, see CoStar COMPS ID# 1734883. For more information on the prior sale, see CoStar COMPS ID# 750865.
This article appears in CoStar's Retail News Roundup: Jul. 12 to Jul. 18, 2009
This week in the Retail Roundup, CoStar reports on
expansions or new concepts at Hhgregg, JC Penney, Vapiano, Goody's, and Walgreens;
new retail development news inNV, IL, TX, and CA;
acquisition, merger, loan or sale activity at Developers Diversified and Macquarie, Vornado, Centro, and Vintage Real Estate;
closings, cutbacks, defaults, or bankruptcy news at Smith & Hawken and Bashas;
personnel or corporate announcements at United Commercial Realty, Edens & Avant, General Growth, Stiles, and more ;
sustainability or green building news at Hannaford; and more.