May 7, 2003
The Guilford Glazer Family announces sale of Del Amo Fashion Center in Torrance, CA. to Mills Corp., the Arlington, VA. REIT.
Willkie represented the sellers, companies owned by the Guilford Glazer Family, in the recent sale of Del Amo Fashion Center in Torrance, CA. to Mills Corp., the Arlington, VA. REIT. The May 7 edition of Real Estate Alert reports that the 3 million-square foot property, which is the second largest in the country, was sold for $435 million. Owner Guilford Glazer received about a half-dozen offers for the mall and a five-story office building. Real Estate Alert notes that Willkie client Simon Property passed on the offering because Del Amo is thought to be too massive to run effectively along conventional lines. It is expected that Mills Corp. will now invest an additional $150 million to redevelop the mall. The deal marks the largest in a series of four recent major local mall acquisitions over the past year. Goldman Sachs acted as financial advisor to the sellers. Partner Eugene Pinover and associates Raquel Bonanno and Lisa Zana worked on the transaction.