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Craig Realty Takes Over Mall, Negotiates Its Purchase

CITY OF COMMERCE, CA-The Southern California-based outlet developer assumes management of Citadel Outlets and enters into exclusive negotiations with the City of Commerce to purchase the 147,000-sf center and related office space for around $50 million. A retail expansion would follow.

By Peter Landau | Updated on March 08, 2002

CITY OF COMMERCE, CA-With its eyes on renovation and expansion, southern California-based outlet developer Craig Realty Group has assumed management of Citadel Outlets and entered exclusive negotiations with the City of Commerce to buy the decade-old, 147,000-sf center and associated office space for approximately $50 million. The agreement gives CRG six months to complete the deal.

The Citadel Outlets is located 10 minutes southeast of downtown Los Angeles on Interstate 5 at the Atlantic Blvd. Exit. It features 42 stores including anchors like Old Navy Outlet, Ann Taylor Factory Store, and Eddie Bauer. The 147,000-sf shopping center is part of a 35-acre site that also includes five office buildings, which is also part of the purchase.

As part of the purchase plan, CRG will expand the center by 100,000 sf–adding 18 to 23 new stores–that will be completed by summer 2003. The extensive redevelopment plan will feature an entirely new look for the interior of the center, and a new entrance and parking plan.

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