Manhattan Beach, Calif. - Madison Marquette recently acquired Manhattan Village, a significant retail center in the city of Manhattan Beach, for less than $90 million.
The Cincinnati-based development and property management firm acquired 424,112 sq. ft. of the total 551,847-sq.-ft. center, excluding the larger Macy's store and the Manhattan Hacienda office building. The sellers were AMB Institutional Realty Advisors, San Francisco, and The Macerich Co., Santa Monica.
Manhattan Village anchor tenants include Ralphs Market, Sav-On Drugs, Fry's Electronics, Pacific Theaters and Macy's Men's/Home Store, as well as enclosed mall shops with a food court, outdoor retail shops, out parcel buildings and a medical office building.
Mike Tewalt, vice president of development for Madison Marquette, notes the company is considering renovating certain areas of the center. Los Angeles-based CB Richard Ellis represented Madison Marquette in the transaction.