Hopkins Buys 359,096 SF of Carson Mall

The purchase price was not disclosed, but Hopkins is believed to have paid about $34 million for the property, acquiring it with the Genesis LA Real Estate Fund as an equity partner to provide capital for redevelopment at the center.

Built in 1973 and renovated in 1992, SouthBay Pavilion comprises 937,680 sf of retail space on 71.3 acres. It is anchored by Sears, JCPenney and IKEA. All three anchors, totaling 578,584 sf, own their buildings, which were not included in the purchase. Hopkins bought 359,096 sf on 30.5 acres, which is 86% occupied and includes three undeveloped out-parcels.

Steve Hopkins, president, says the firm intends to redevelop the mall, but no specific plans have been completed. He tells GlobeSt.com that "we're talking to a couple of major retailers with an interest in coming in, possibly adding some entertainment and restaurants and possibly de-malling part of it."

Tenants in Hopkins' portion include Toys R' Us, Chuck E Cheese, Computer Education Institute, Payless Shoe Source and Footlocker plus out-parcels with Tony Roma and Bank of America.

The Genesis LA Real Estate Fund is managed by Shamrock Capital Advisors, an affiliate of Burbank-based Shamrock Holdings of California Inc., which in turn is the investment arm of the Roy E. Disney family. Hopkins says his firm and the Genesis Fund were brought together by George Garvin, a Los Angeles-based real estate investment and development specialist.

Mark McGaughey of CB Richard Ellis Inc.'s Retail Services in Glendale, represented the buyer and seller in the sale, in partnership with the CBRE investment team based in Chicago. McGaughey was a leasing representative for the SouthBay Pavilion when he first came to CB Richard Ellis in 1973, when it was known as Coldwell Banker. Since 1981, he has been the mall's listing agent, becoming a partner in its ownership from 1988 to 1999. Now, Hopkins has retained McGaughey to assist in the marketing and leasing of the center.

The mall is situated at the southeast corner of the high-traffic intersection of Del Amo and Avalon boulevards, just east of the 110 Freeway. It serves a densely populated, growing residential trade area plus 300,000 daytime workers in Carson and its neighboring communities. An extension of Del Amo Boulevard over the 405 Freeway immediately west of the site is scheduled to open June 7.