East Bay regional mall is bought by investors from New York City area

"HAYWARD Southland Mall, a major regional shopping center in the East Bay, has been bought by a group of real estate bargain hunters from the New York City area who like to buy big retail hubs that few others desire to own. The regional mall in Hayward has been bought for $70 million in an all-cash deal by an affiliate controlled by the principal executives of Namdar Realty Group, according to documents filed on Oct. 24 with the Alameda County Recorder's Office."

"Southland Mall has a high-profile location that's perched next to the busy interchange of Interstate 880 and West Winton Avenue in Hayward, the county real estate files show. The shopping center totals 1.1 million square feet of retail floor space, according to information posted by New York City-based real estate firm Brookfield Properties, whose affiliate sold Southland Mall to Namdar Realty. Macy's, JCPenney, Ross Dress for Less, Hobby Lobby, and Cinemark Century Southland Mall movie theaters are the primary merchants that anchor Southland Mall, according to the retail hub's directory."

"Hobby Lobby took over a shuttered Dick's Sporting Goods space in recent years. The only empty anchor space at Southland Mall is a former Sears store, which the legendary retailer decided to close in 2020. By happenstance, in the 1960s, the original retail spaces at Southland Mall were built to incorporate the existing Sears store. The new owner of Southland Mall often seeks to buy retail malls at an attractive price that have been overlooked by investors."

An affiliate controlled by Namdar Realty Group paid $70 million in cash to acquire Southland Mall in Hayward. The mall sits adjacent to the Interstate 880 and West Winton Avenue interchange and contains about 1.1 million square feet of retail space. Major anchors include Macy's, JCPenney, Ross Dress for Less, Hobby Lobby, and Cinemark movie theaters, with one vacant former Sears anchor. Hobby Lobby replaced a shuttered Dick's Sporting Goods space. Namdar Realty specializes in buying underperforming, value-added commercial properties to make improvements intended to raise property value, though outcomes have sometimes drawn community concern.

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