Inland Center Mall Sold for $63 Million
Inland Center, one of the Inland Empire’s most established shopping centers, has been sold for $63.3 million to an investment group led by the Macerich Co. of Santa Monica, Calif., according to Los Angeles–based CB Richard Ellis Real Estate, which brokered the deal.
The San Bernardino, Calif.–based Inland Center houses more than 1 million square feet of retail outlets, including Robinsons- May, Macy’s, Harris/Gottschalks and Sears. Among the specialty tenants are Victoria’s Secret, Lane Bryant, Anchor Blue, Pacific Sunwear and Wet Seal stores.
The Inland Center has been viable. Its projected profits for 2004 are $5.2 million, and its annual sales come in at about $440 per square foot, a Macerich spokesperson said.
Macerich, a real estate investment trust, partnered 50/50 with investment group Walton Inland Investors IV LLC on the transaction. Walton is an affiliate of Chicago-based Walton Street Capital LLC. Macerich, which now has 10 Southern California retail properties in its portfolio, will manage the property. LaSalle Investment Management of Chicago sold the property for the Middle East–based Mano Management Co. Inc.
The deal was contingent upon a $54 million loan, which the investors recently secured, Macerich said.
The center is located off Interstate 215 in San Bernardino and is more than 80 percent occupied. It opened in 1966 and has undergone a number of renovations, with the most recent being in 2000. —Robert McAllister
