REITS' CALIFORNIA DREAM
Apr 1, 2004 12:00 PM
The big dogs control the fat cat malls in the Golden State.
Friedman, Billings Ramsey & Co. examined 1 billion square feet of U.S. retail real estate to pinpoint the country's top malls. Mallas were evaluated based on market size, market growth and mall quality. The study reveals that not only do large public REITs own most of the mall space in the U.S. (57 percent), they also own 73 percent of the top-rated properties. Of the 14 California malls that earned the firm's designation as a top mall, only four are still in private hands.
| Mall Name | Market | Owner | Sq. Ft. |
|---|---|---|---|
| Arden Fair Mall | Sacramento, Calif. | Friedman/Marks (private) | 1.13 million |
| Brea Mall | Los Angeles Basin | Simon | 1.33 million |
| Fashion Valley | San Diego | Simon | 1.7 million |
| Galleria at Roseville | Sacramento, Calif. | Westfield | 1 million |
| Glendale Galleria | Los Angeles Basin | General Growth | 1.3 million |
| Hillsdale Shopping Center | San Francisco | Bohannan Development (private) | 1.3 million |
| Mainplace | Los Angeles Basin | Westfield | 1.1 million |
| South Coast Plaza | Los Angeles Basin | Segerstrom & Sons (private) | 2 million |
| Stanford Shopping Center | San Francisco | Simon | 1.35 million |
| Stoneridge Mall | San Francisco | GM Pension Trust (private) | 1.28 million |
| The Shops at Mission Viejo | Los Angeles Basin | Simon | 1.2 million |
| UTC | San Diego | Westfield | 1 million |
| Valley Fair | San Francisco | Westfield | 1.47 million |
| Village at Corte Madera | San Francisco | Macerich | 430,351 |
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