Parking Spaces/Ratio: 4,458 spaces or 4.4 per 1,000 SF
Land Size: 71.3 Acres
Equity Partner: LNR Property Corporation
Southbay Pavilion Redevelopment
Built in 1973 and renovated in 1992, SouthBay Pavilion was an outdated, underperforming mall when Hopkins Real Estate Group and its partner, Shamrock Holdings, purchased the property in 2003.
At the time of the purchase, the 32-year-old regional mall consisted of 937,680-square-feet and was anchored by Sears, JC Penny and IKEA. Hopkins Real Estate Group demolished the south wing of the interior mall to make way for a 146,000-square-foot Target store, which was not only a major milestone for the mall’s redevelopment, but also for the City of Carson. A complete remodel on the interior mall was completed in the fall of 2007, which included new amenities such as the Pavilion Children’s Play, newly remodeled restrooms and upgraded the food court.
The mall historically had trouble in successfully attracting strong national and regional retailers, but Hopkins Real Estate Group was able to reposition the assets and attract major brand-name retailers and restaurants such has Old Navy, 24 Hour Fitness, Chase Bank, The Children’s Place, Chili’s, Five Guys Famous Burgers & Fries, Jamba Juice, Panera Bread and Panda Express.
By being able to successfully implement an aggressive business plan which included a major remodel, redevelopment and repositioning of the asset, the asset experienced an increase in sales of 31% which equated to a significant growth of net operating income and thus the asset was successfully sold in July 2009.
