SouthBay Pavilion Sold for $50M

Fred Sands' Vintage Real Estate, a wholly-owned division of Vintage Capital Group, has acquired the 1.1 million square foot SouthBay Pavilion in Carson, California from Hopkins Real Estate Group for an estimated $50 million, according to a CoStar article. The property, with 35,000 square feet of space currently available, is anchored by Ikea, Target, Sears and JC Penney, and houses 54 specialty stores and restaurants including brands like Old Navy, Children's Place, Foot Action, Panera Bread, Panda Express, Sansai Grill, Five Guy Burgers, Wing Stop and Jamba Juice.

"We can't go wrong with this location just off of the 405 Freeway with more than 350,000 cars a day driving by," said Sands. "With 73 acres of land we have room to expand." The seller, HREG Genesis, completed a $30 million remodeling of the center in 2007.  In addition to increasing the restaurants offered, Vintage wants to enhance the mall's appeal as a destination by adding a cinema. Sands' Vintage Real Estate has been quietly acquiring regional malls at what he considers to be bargain prices for the last few years.

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