Attracted by the large Hispanic population in Panorama City, Primestor Development has purchased the 166k SF Panorama Mall from Macerich in an off-market deal for an undisclosed price.
Primestor specializes in ground-up and redevelopment of retail properties that have a direct, positive impact on revitalization of ethnic, urban neighborhoods. The center is at 8401 Van Nuys Blvd and stands out as a particularly great opportunity because it is the only enclosed mall in the San Fernando Valley market with such heavy Hispanic demographics. According to the US Census Bureau the Van Nuys-Panorama City area is more than 60% Hispanic.
The property, which is 95% occupied, is anchored by Walmart and Curacao and includes 75 other retailers. Primestor says it has invested substantial equity and the balance was financed by Bank of America. Macerich purchased the property in 2002 for $47M.
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