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Vintage Real Estate Makes Initial Investment in Atlanta

Acquires 1 Million-SF Southlake Mall in Morrow
April 3, 2014
Los Angeles-based Vintage Real Estate made its first foray into the Atlanta market with the acquisition of the Southlake Mall in Morrow, GA.

Constructed in 1976 and renovated in 1999, the one million-square-foot Southlake Mall is anchored by Macy’s, Sears and the Morrow Center, and serves as the preeminent shopping destination in South Atlanta. The mall is 90% leased up to a national tenant roster that includes Victoria’s Secret, American Eagle Outfitters, Footlocker, Helzberg Diamonds, Aeropostale, Bath and Body Works, Finish Line, New York & Co., Children’s Place, City Gear, DTLR, Kay Jewelers, rue21 and Express.

Vintage will implement a capital improvement plan to upgrade the common areas and bring in new fashion retailers and restaurants. The firm also plans to redevelop an adjacent 160,000-square-foot building vacated by JCPenney in 2011, which is under contract to purchase.

General Growth Properties (GGP) bought the mall in 1997, and in 2007 placed $100 million of debt on the property. GGP filed for bankruptcy in April 2009 and in February 2013, the lender foreclosed on the mall.

Vintage has been one of the most active buyers of regional malls in the nation over the last few years. In addition to Southlake Mall, Vintage purchased the 700,000-square-foot Mall at Whitney Field in Leominster, MA in May 2013, where it is adding a 66,000-square-foot Burlington Coat Factory. Vintage also acquired the 407,000-square-foot Heritage Mall in Albany, OR in December 2012, where it is adding a 62,000-square-foot Hobby Lobby, the retailer’s first store in Oregon.

In addition, the company has initiated the expansion and renovation of The Village at Nellie Gail Ranch, a 100,000-square-foot grocery-anchored shopping center in Laguna Hills, CA, home to the first Fresh Market grocery in Southern California. Vintage is also renovating its 1.1 million-square-foot SouthBay Pavilion Mall in Carson, CA, adding a 13-screen Cinemark stadium seating theatre and several new fashion retailers, jewelers and restaurants.

Fred Sands, chairman of Vintage Real Estate, states that the goal for Vintage Real Estate is to acquire three or four malls or shopping centers per year.

Margaret Caldwell, David Monahan and Kris Cooper of JLL coordinated the disposition on behalf of the selling venture.

Please see CoStar Comp #2671874 for more information on the transaction.

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