The deal paves the way for what Inglewood Mayor Roosevelt Dorn called "the largest single development in our history," a retail center that would feature national chain stores, restaurants and other tenants that Dorn said would be attracted by the city's dense population.

Pinnacle said the sale is expected to close in approximately a year, subject to a number of conditions, including Rothbart's obtaining entitlements to develop the property, which is on the north side of Hollywood Park racetrack at Prairie Avenue and 90th Street.

Rothbart expects to gain the entitlements "expeditiously," said Stan Rothbart, president of the 17-year-old company, which has developed more than 8 million sf of retail space, primarily in California, and also manages about 2 million sf of shopping centers in the state.