Financial terms weren’t disclosed.
“We will be doing a major remodel of this center to give it a completely new contemporary look and transform it into an attractive destination with an array of quality shopping and dining options,” Vintage Real Estate Chairman Fred Sands said in a statement.
|Exterior view of Laguna Hills Mall. Laguna Hills, CA, USA. (Photo credit: Wikipedia)|
In addition the expansion plan calls for the addition of a gourmet supermarket and new tenants including boutiques and casual dining restaurants. With the expansion, the center will total about 100,000 square feet.
“Now is an opportune time to invest in expanding and repositioning the center,” said Kenneth Hocker, executive vice president of development at Vintage Real Estate. “Grocery-anchored retail centers are performing well making it possible to secure new tenants at strong rents. This type of community center also is attractive to real estate investors which is propelling an increase in values.”
Vintage Real Estate, a division of Vintage Capital Group, focuses on acquiring underperforming properties and improving the centers. Sands formed Vintage Capital in 2001 to continue his private investment activities in commercial real estate. He previously owned Fred Sands Realtors, California's largest independent residential real estate brokerage and financial services companies, and sold Fred Sands Realtors to Coldwell Banker in November 2000.
Taken from: http://www.bizjournals.com/losangeles/news/2012/09/28/vintage-real-estate-buys-laguna-hills.html