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VALLEY ROUNDUP

Promenade Mall in Woodland Hills Sold

December 13, 1989

The Promenade Mall in Woodland Hills has been sold for an undisclosed price to a New York investor group.

The 600,000-square-foot mall, which is anchored by Saks Fifth Avenue, Bullocks Wilshire and Robinson's, was sold by Pan-American Properties to Shopping Center Associates. Included in the sale were the Laguna Hills Mall in Orange County and six community shopping centers in California, Arizona and Washington.

Pan-American, which announced in July that it would sell the properties, is a real estate investment trust owned by pension funds for British coal miners. Shopping Center Associates includes The O'Connor Group, a property development and management firm, and The Retail Property Trust, a real estate partnership.

Paul F. Kastner, vice president of marketing for the O'Connor Group, said it was too early to discuss what changes are planned for the Promenade Mall. But he said the mall's vacancy rate was too high and "that's something we'll address very quickly." He declined to specify the vacancy level.

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