Industry News Development

LA’s newest mixed-use destination

South Bay Galleria set to transform

QIC Global Real Estate (QICGRE) together with L Catterton Real Estate (LCRE), the real estate arm of L Catterton, the largest and most global consumer-focused private equity firm announced a strategic partnership to jointly redevelop South Bay Galleria in Redondo Beach, California.  As part of the strategic partnership LCRE has acquired a 50% interest in the property following development approval from Redondo Beach City Council in January 2019.

An established retail icon in South Bay

With unrivalled visibility in the South Bay region of Los Angeles County, California, South Bay Galleria is an established retail icon. The mall enjoys prime position at the intersection of two major arterial roads, with an estimated 100,000 cars passing by each day and a trade area of 863,000 people.

The plans transform the space into an iconic retail-led mixed-use destination that will set new global benchmarks and be a true urban hub. The initial plans for the new project were co-created with the local community, including commercial and accomodation space, improved transport and bicycle connections with substantial public space.

“We are proud to partner with QICGRE to transform South Bay Galleria, one of the most promising real estate locations in Greater Los Angeles,” said Mathieu Le Bozex, Managing Partner of L Catterton Real Estate

South Bay Galleria

He continued “QICGRE is a like-minded forward-thinking global real estate investor that shares our development ethos and vision for this project.” QICGRE was recently featured on the front cover of SCN, with their Australia developments which have the same long-term strategy of creating vibrant and experience focussed destinations for the local community.

Michael O’Brien, Managing Director of QICGRE said “We are very pleased to close this transaction and continue to partner with LCRE. We are proud of the partnership forged with LCRE over a  number of years and look forward to working with them to unclog the embedded value in this asset by deloierveing a magnetic gathering place incorporating uses that complement a dynamic retail core”.

South Bay Galleria – a vibrant retail destination in the greater Los Angeles region

QICGRE received Rodondo Beach City Council approval for the proposed development of South Bay Galleiria in January 2019. The approved plan incorporates the revitalisation of 29.85 acres including a hotel, apartment units, office space and expanded retail GLA.

About the author

Shopping Centre News

Shopping Centre News (SCN) is in the ‘information business’, and is perceived as such by its readers. Daily industry news makes shoppingcentrenews.com.au a must-visit as part of the morning routine for those who want to keep right across the latest retail developments and events, while SCN's premium magazine is the leading publication for the shopping centre industry in Australia and New Zealand.

Known as the ‘industry bible’ SCN is printed five times a year with fascinating, in-depth features and important critical analysis written by known industry insiders as well as the popular ‘Guns’ reports, which ranks Australian shopping centre performances. Shopping Centre News is the only publication in the world that features centre statistics on Turnover, Turnover per square metre and Specialty Shop turnover per square metre for every major centre in Australia.

Add Comment

Click here to post a comment

Advertisement

Advertisement