Two SoCal Malls Fetch Over $165 Mil

LOS ANGELES-Interests in two large Southern California malls have been sold in separate transactions valued at roughly $168 million, the latest sign that investors still have faith in the region’s market for shopping centers despite sagging consumer confidence and sluggish retail sales.

In the largest transaction, privately held Pacific Coast Capital Partners agreed to buy the 500,000-sf Torrance Crossroads retail complex in Torrance for about $108 million. The seller is a partnership of Overton Moore Properties and a pension fund represented by Boston-based AEW Capital Management.

Torrance Crossroads is fully leased to tenants that include “big-box” anchors Sam’s Club and Home Depot. The Overton Moore-AEW development partnership opened the facility at Lomita and Crenshaw boulevards in 1992.