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CALIFORNIA

Investor Buys Glendale Mall

October 06, 2003|Roger Vincent

A Beverly Hills investor has purchased a Glendale retail, restaurant and theater complex for $43 million.

Max Webb bought the Glendale Marketplace at Brand Boulevard and Broadway from the mall's developers, Beverly Hills-based Regent Properties and Tolkin Group of Pasadena.

When the project was completed five years ago at a cost of $50 million, it was a pioneer in a struggling section of the city's commercial district where retail vacancy was 50%.

The city provided $16 million in funding for the 160,000-square-foot complex, which was Glendale's largest retail development since the Glendale Galleria opened more than two decades before.

Tenants in the Mediterranean-themed outdoor mall include Mann Theaters, Tower Records and Old Navy. The property is 100% leased, according to real estate broker Reza Etedali of Sperry Van Ness, who represented the sellers.

Webb is one of the founders of Shapell Industries Inc., a Beverly Hills-based home builder.

-- Roger Vincent

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