Cleveland – Locally based Forest City Enterprises Inc. recently acquired Galleria at South Bay, a 955,000-sq.-ft. mall in Redondo Beach, Calif. The mall's anchors include Nordstrom, Robinson-May and Mervyn's.
Forest City acquired Galleria at South Bay for $116 million through a tax-deferred exchange. The mall is currently 96% leased and is producing sales of $400 per sq. ft. The company plans to renovate the mall, which opened in 1985.