Southern California Mall
RREEF snagged Manhattan Village, a shopping center in the Los Angeles suburb of Manhattan Beach, by beating out a bidding group that included American Assets. RREEF, working on behalf of an unidentified client, agreed to pay an aggressive $142 million for the 552,000-sf property, which is a combination mall, lifestyle center and grocery-anchored community center. When it was listed, it was expected to trade for about $120 million. Manhattan Village will provide an initial annual yield of 6.3%. The seller, Madison Marquette, acquired it for $90 million a few years ago and is retaining a small interest in the property. Secured Capital brokered the sale to RREEF.
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