X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SAN DIEGO-Lend Lease Real Estate Investments has sold a 50% stake inFashion Valley Mall to Simon Property Group Inc.

Simon has also assumed management responsibilities for the mall.

Concurrent with the closing, which occurred on Oct. 1, the partnership secured a $200 million, 7 year mortgage from Lehman Brothersthat bears interest at a fixed rate of 6.50%.

Fashion Valley has dominated the San Diego-area retail scene since itopened in 1969. Located in the Mission Valley area, the 1.7 million sfopen-air, super-regional mall is anchored by Neiman Marcus, Nordstrom,Saks Fifth Avenue, Macy’s, Robinsons-May and JCPenney.

One of the nation’s most successful retail centers, Fashion Valley is99% leased and generates small shop sales in excess of $575 per sf. Total sales generated by the mall exceed $650 million annually.

Lend Lease’s Prime Property Fund has held an ownership stake in FashionValley since 1985. In 1997, the mall was renovated and expanded by280,000sf to its current size.

“This transaction benefits Prime Property Fund investors in severalways,” says Gene Conway, president of Lend Lease’s Real Estate Advisorsgroup and co-portfolio manager of Prime Property Fund. “The Fund retainsa major stake in one of the country’s premier shopping centers, whilereconfiguring its portfolio.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.