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Seritage sells part of Shops at SouthBay Pavilion

Woodland Hills-based NewMark Merrill acquired 180K sf at Carson mall.

NewMark Merrill Companies acquired more than 180,000 square feet at the Shops at SouthBay Pavilion in Carson.

The seller was Seritage SRC Finance, a subsidiary of Seritage Growth Properties, according to REBusiness Online. The price was not disclosed.

NewMark Merrill’s 182,000 square feet over multiple buildings represents about one-fifth of the 1 million-square-foot shopping center, according to the report.

Tenants include a Burlington Coat Factory, Ross Dress for Less, Smashburger, Chipotle, and Buffalo Wild Wings, among others.

Larger tenants at the wider SouthBay Pavilion that were not part of the sale include IKEA, Target, JC Penney, and Cinemark Theaters.

While stores in many cities nationwide have reopened for indoor shopping — Los Angeles County is allowing indoor malls to open in the coming days — numerous retailers have already folded or are on the verge of collapse. Retail bankruptcies are on pace to surpass the amount in 2010.

Most of NewMark Merrill’s 48 California retail properties are located in Southern California. President and CEO Sandy Sigal said that foot traffic to those properties has been increasing.

“Over 25 percent of our centers are exceeding year over year traffic, and 75 percent of our centers are growing traffic on a week over week basis,” he said.

From therealdeal.com. Click here for the article.