Seritage sells part of Shops at SouthBay Pavilion

Woodland Hills-based NewMark Merrill acquired 180K sf at Carson mall

Los Angeles /
Oct.October 02, 2020 10:00 AM
Sandy Sigal and SouthBay Pavilion (Credit: NewMark Merrill)
Sandy Sigal and SouthBay Pavilion (Credit: NewMark Merrill)

NewMark Merrill Companies acquired more than 180,000 square feet at the Shops at SouthBay Pavilion in Carson.

The seller was Seritage SRC Finance, a subsidiary of Seritage Growth Properties, according to REBusiness Online. The price was not disclosed.

NewMark Merrill’s 182,000 square feet over multiple buildings represents about one-fifth of the 1 million-square-foot shopping center, according to the report.

Tenants include a Burlington Coat Factory, Ross Dress for Less, Smashburger, Chipotle, and Buffalo Wild Wings, among others.

Larger tenants at the wider SouthBay Pavilion that were not part of the sale include IKEA, Target, JC Penney, and Cinemark Theaters.

While stores in many cities nationwide have reopened for indoor shopping — Los Angeles County is allowing indoor malls to open in the coming days — numerous retailers have already folded or are on the verge of collapse. Retail bankruptcies are on pace to surpass the amount in 2010.

Most of NewMark Merrill’s 48 California retail properties are located in Southern California. President and CEO Sandy Sigal said that foot traffic to those properties has been increasing.

“Over 25 percent of our centers are exceeding year over year traffic, and 75 percent of our centers are growing traffic on a week over week basis,” he said. [REBOnline]Dennis Lynch


Related Articles

arrow_forward_ios
Chime CEO Chris Britt and 101 California Street (Google Maps)
Fintech firm may sign biggest lease in San Fran of pandemic
Fintech firm may sign biggest lease in San Fran of pandemic
Outdoor dining in Santa Monica (Getty)
LA’s Covid-era al fresco dining rules could last
LA’s Covid-era al fresco dining rules could last
Gov. Gavin Newsom (Getty, iStock)
Newsom’s $12B plan for homeless would build 45K homes
Newsom’s $12B plan for homeless would build 45K homes
(iStock)
Hard-hit LA restaurants get some Covid relief cash
Hard-hit LA restaurants get some Covid relief cash
Governor Gavin Newsom (Getty, iStock)
State pitches $5.2B program to cover back rent
State pitches $5.2B program to cover back rent
Theaters can now operate at 50% capacity (Getty)
In (LA) theaters now: More people
In (LA) theaters now: More people
Relevant Group’s Grant King and Richard Heyman with the Thompson and Tommie hotels (Relevant Group)
Relevant Group lands “rescue” financing for 2 boutique hotel projects
Relevant Group lands “rescue” financing for 2 boutique hotel projects
Judge David O. Carter (Getty)
Judge orders city, county to house Skid Row residents by fall
Judge orders city, county to house Skid Row residents by fall
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...