"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."
"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."
Namdar Realty Group affiliate purchased Southland Mall in Hayward for $70 million in an all-cash transaction recorded Oct. 24. The 1.1 million-square-foot shopping center sits adjacent to the Interstate 880 and West Winton Avenue interchange and was sold by a Brookfield Properties affiliate. Anchors include Macy's, JCPenney, Ross Dress for Less, Hobby Lobby and Cinemark Century Southland Mall; a former Sears anchor is vacant after closing in 2020. Hobby Lobby filled a former Dick's Sporting Goods space. Namdar targets underperforming, value-added commercial properties bought at attractive prices and typically plans improvements to raise property value.
Read at The Mercury News
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