LOS ANGELES—Primestor Development has purchased the Panorama Mall in Panorama City, CA. The 166,000-square-foot retail center has traded hands for an undisclosed price and from an undisclosed seller. While there is no information available on the price, industry sources unrelated to the deal tell GlobeSt.com that Macerich, a public REIT, is the seller in the transaction.

Primestor purchased the property in an off-market transaction. According to Arturo Sneider, CEO of Primestor Development, the property's location in a heavily Hispanic neighborhood attracted them to the sale. "We are primarily focused in the Hispanic demographic, although we have done a lot of projects in a lot of different minority communities," Sneider tells GlobeSt.com. "We are focused on finding assets that are timeless in terms of their locations and we certainly think that the Panorama Mall is that in terms of both the demographics that we specialize in and the intersection where it sits. We think this is a great asset for the long term. We have done a number of things in the valley over the years, but this one stands on its own. It is the only closed mall within this demographic profile in the San Fernando Valley, so it is an especially exciting opportunity."

The property is 95% occupied by a tenant mix that includes Walmart and Curacao as well as 75 other shops and retailers. Although the sales price is not available, Sneider did say that the company put "a lot of equity" into the deal and "obtained a loan from Bank of America" for the remaining balance. Macerich had purchased the property in 2002 for $47 million, according to industry sources.

Primestor doesn't have any current renovation or value-add plans for the property; however, Sneider says that there are renovation and value-add opportunities at the property. "We certainly have different possibilities and ideas in terms of modernizing the property and trying to bring some of our thoughts into it," he says. "That, though, will be a midterm strategy. I don't think we have any plans in the short term. There are a number of tenants there that do very well. We are going to talk through with them what their vision is and I think co-create something here in the near future."

Macerich was represented by Los Angeles-based Manatt, Phelps & Phillips, led by partner Anita Sabine and associates Elizabeth Levin and Grace Winters.