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Investment Overview:

We purchased Mira Mesa Mall in San Diego (San Diego County), California in June 2000. The community serving mall was developed in 1975. Although the property was well-located in a dense in-fill submarket it was undersized and began to suffer in the 1990's as a larger regional mall in the trade area pulled tenants away. The original developer repurchased the center in 1994 and invested additional capital in a redeveopment, ultimately selling to a passive owner but was unable to reverse the property's decline. We purchased the property with a plan to reposition it.

Value Addition:

We focused on executing an aggressive redevelopment plan to relocate nearly all the major tenants in the inward-facing portion of the center while also terminating over 20 small tenant leases. We reconfigured the property consolidating shop space to create lager spaces for promotional anchor tenants. We also upgraded the design of the center through new facades, signage, landscape and hardscape. Within two years of purchase we turned the mall into a core, institutional power center. We sold the shopping center in October 2003.