Shopping Centers

Three Los Angeles area shopping centers, including the Valley Central Shopping Center in Lancaster, have been purchased by Retail Value Investment Program, a joint venture of Prudential Real Estate Investors, Developers Diversified and Coventry Real Estate Partners, for $109.9 million. Burnham Pacific Properties Inc., a real estate investment trust based in San Diego, was the seller.

Burnham Pacific Properties Inc., one of the largest owners of strip malls on the West Coast, agreed to sell 19 shopping centers in California to closely held GMS Realty for $305 million in cash. GMS, based in Carlsbad, Calif., operates neighborhood and community shopping centers in California and Arizona. The sale is part of Burnham's announced liquidation plan, the company said in a news release. Burnham and GMS weren't immediately available for comment.

During 1987, 236 shopping centers were built in California, according to the Chicago-based National Research Bureau. Florida was first with 239 centers. Nationally, 2,145 centers were built, increasing the number by 7.5% over 1986. However, the average new center was smaller by about 2,000 square feet. Only slightly more than 3% were larger than 400,000 square feet, with 68% under 100,000 square feet. California, with 3,561, is home to the largest number of shopping centers.

Four Southern California neighborhood shopping centers have been purchased from Smart & Final Iris and will be expanded and upgraded, according to Schneider Commercial Real Estate, which represented both sides in the $12.5-million transaction. LA Centers Ltd., a limited partnership with the Amsted Cos. of Los Angeles as general partner, bought the centers in Lakewood, Hawthorne, North Hollywood and Woodland Hills.

Excel Realty Trust said it has acquired nine shopping centers for about $84.5 million, expanding its presence in California and Nevada. The San Diego-based real estate investment trust said the purchase will add about 1.4 million square feet of retail space to its portfolio of 11.4 million square feet. Excel paid $15.1 million in cash, assumed about $14.4 million in debt and issued about 1.1 million partnership units that are convertible into common stock at $25 each.

The City Council has approved plans for two new shopping centers in Anaheim Hills. The larger, a 47-unit mall, will be built on nearly 12 acres at the southwest corner of Weir Canyon Road and Serrano Avenue, in the eastern part of the hills. The center will include a service station with a convenience market, a restaurant, grocery store, drugstore and bank. A 24-hour Ralphs is expected to be the supermarket tenant.

In a bold departure from its conservative leasing practices, the Irvine Co. plans to experiment with a more varied retailing mix in two of the 13 shopping centers it operates in Irvine. For the first time, the company plans to allow vendors to sell from carts and will lease space to retailers on a temporary, seasonal basis in the Woodbridge and Irvine Marketplace centers, said Frederick O. Evans, president of Irvine Retail Properties Co.

MacDonald Group Limited Partnership, based in Century City, sold four properties, including Carson Mall and Huntington Center in Huntington Beach, to a partnership of MaceRich Co., a Santa Monica-based mall owner, and a pension fund investment account advised by Citicorp Real Estate Investment Management. Four other centers, including Five Points Shopping Center in Santa Barbara, were sold to MaceRich. The eight malls have combined square footage of about 4.2 million. Terms were not disclosed.

South Coast Plaza in Costa Mesa opened its Crystal Court across the street in 1986 and once again secured its No 1 position as sales leader among Los Angeles and Orange county malls. Meanwhile, at the bottom of the Top 10 list, other shopping centers seesawed from their 1985 positions. Beverly Center traded places with Westminster Mall, and Topanga Plaza bested Brea Mall.