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Madison Buys South Bay Complex

LOS ANGELES--The Ohio-based real estate investment giant purchases about 80% of 551,847-sf Manhattan Village shopping development in Manhattan Beach.

By David W. Myers | Updated on October 05, 2000

LOS ANGELES–Madison Marquette, the Cincinnati-based real estate investment giant, has agreed to buy most of a 551,847-sf shopping mall in the South Bay area from an investment group that includes AMB Institutional Realty Advisors Inc. and Macerich Co.

None of the parties would divulge the purchase price of the Manhattan Village mall, at the heavily trafficked intersection of Rosecrans Avenue and Sepulveda Boulevard in Manhattan Beach. However, CB Richard Ellis SVP Brent Howell—-one of the two Torrance-based Ellis brokers who represented Madison Marquette in the transaction—-says the complex fetched “under $90 million.”

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