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West | Los Angeles
Jul 10, 2009
The 1.1 million-square-foot South Bay Pavilion retail complex in the South Bay area of Los Angeles has sold for a reported $50 million. The buyer was locally-based Vintage Real Estate L.L.C., a subsidiary of Vintage Capital Group, while the seller was HREG Genesis. The property underwent a $30 million renovation in 2007, and is currently home to retail tenants including anchors Ikea, Target, Sears and JC Penney, as well as 54 other specialty stores. There is currently 35,000 square feet of vacant space at the complex; leasing up that space will be the new owner’s first priority, according to Vintage. In an illustration of just how far property prices have dropped in just a few years, the previous ownership had marketed the center for $100 million in 2005, double what Vintage paid to get its hands on the property.
The 1.1 million-square-foot South Bay Pavilion retail complex in the South Bay area of Los Angeles has sold for a reported $50 million. The buyer was locally-based Vintage Real Estate L.L.C., a subsidiary of Vintage Capital Group, while the seller was HREG Genesis. The property underwent a $30 million renovation in 2007, and is currently home to retail tenants including anchors Ikea, Target, Sears and JC Penney, as well as 54 other specialty stores. There is currently 35,000 square feet of vacant space at the complex; leasing up that space will be the new owner’s first priority, according to Vintage. In an illustration of just how far property prices have dropped in just a few years, the previous ownership had marketed the center for $100 million in 2005, double what Vintage paid to get its hands on the property.
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