The South Bay Galleria in Redondo Beach foreclosed, up for sale
by Garth Meyer The South Bay Galleria is for sale. Listed by broker Newmark earlier in July, no price is given for the 1.272 million square-foot, 29.6-acre site, including parking lots. New owners Kennedy Wilson (Beverly Hills) took over the property in foreclosure from L. Catterton (Greenwich, Conn.). “It’s good news,” said Zein Obagi, Jr., Redondo Beach city councilman for district four, where the property is located. “Whoever is going to come in now is aware of the macroeconomic conditions; tariffs and interest rates.” Obagi, Jr. noted the existing, reciprocal easements at the site for Macy’s, Kohl’s and AMC Theaters. “In a dream world, someone would come in with enough money to buy out the three, demolish the property and start from scratch,” he said. “The best thing to be built would be mixed-use and affordable housing, like a village, such as Americana at Brand (Glendale).” L. Catterton had proposed to turn the Galleria into a “South Bay Social District,” a mixed-use project originally slated for 650 residential units. The owners later pared it down to 300, then brought it back up. “Who has a vision to take advantage of the unique mix at the site?” Obagi said. “But it will…
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