Rolling Hills Mall Sold for $95m
The Avenue of the Peninsula, a 375,000-square-foot lifestyle shopping center based in tony Rolling Hills Estates, Calif., has been sold for $95 million to Stoltz Real Estate Partners of Pennsylvania.
Despite its location on the Palos Verdes Peninsula, where average home prices top $1 million, the center has been struggling with occupancy and traffic issues. Anchor Saks Fifth Avenue left in May.
Saks officials said the closure was part of an ongoing plan to allocate its resources into more productive stores. New tenants Coldwater Creek and Ann Taylor Loft will take up some of the space left behind by Saks.
Retail analysts have said the mall’s isolated location on the peninsula and the more expansive offerings down Hawthorne Boulevard at the recently renovated Del Amo Fashion Center have posed challenges. The peninsula area, despite household incomes of more than $100,000, comprises an older demographic than neighboring South Bay cities.
A Stoltz spokesperson said the signing of Ann Taylor and Coldwater Creek indicated that the company is intent on bringing more quality specialty retail into the center.
Other tenants include J. Crew, Gap, Abercrombie & Fitch, Talbot’s and Chico’s.
Cousins had explored adding condominiums to the center before putting it on the market. Stoltz is based in Bala Cynwyd, Pa., and owns 71 properties totaling more than 11 million square feet. —Robert McAllister
