Mills Pays $442 Million For Torrance Mall: Manatt Phelps Aids Trust With Purchase Of Del Amo Mall
Los Angeles Daily Journal Extra
July 21, 2003 - Real estate investment trust Mills Corp. has purchased the Del Amo Fashion Center in Torrance, the fourth-largest mall in the United States, for $442 million.
Mills, of Arlington, Va., bought the mall from the Torrance Co. in June.
The 2.5-million-square-foot center is anchored by Macy's, Sears, Robinsons-May and JCPenney. The new owner will spend up to $160 million to renovate existing space and add 100,000 square feet to the facility.
Mills plans to add a combination of retail, dining and entertainment venues in Del Amo.
Los Angeles partner Keith Allen-Niesen of Manatt, Phelps & Phillips advised Mills. Eugene Pinover, a partner at Willkie Farr & Gallagher in New York, advised the seller.
Mills' presence extends across the country and internationally. The company owns several types of property: super-regional malls, such as Ontario Mills in Ontario; regional retail-and-entertainment centers, such as Del Amo and the Block at Orange; and international malls.
Manatt Phelps has advised Mills in the acquisition of nine major properties in the United States during the past year, Allen-Niesen says. They include malls in New York, Georgia, Florida and Louisiana.
The legal team at Manatt Phelps who worked on the Del Amo transaction included partners Martin Steere, Timi Hallem and Jeffrey Mannisto and counsel Michael Zerman in Los Angeles.
In-house attorney Mark Dorigan of Mills also participated in the deal.© 2003 The Daily Journal Corporation.
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