The highly anticipated transformation of South Bay Galleria in Los Angeles into a major retail and lifestyle hub is one step closer this week, with QICGRE cementing its strategic partnership with L Catterton Real Estate (LCRE) to redevelop the three-storey mall.
Artist's impression of the revitalised South Bay Galleria
The partnership sees the property arm of L Catterton - the private equity giant backed by luxury conglomerate LVMH Moët Hennessy Louis Vuitton - acquire a 50 per cent interest in the mall, which is considered one of the most promising real estate locations in Greater Los Angeles.
The transaction follows the approval by Redondo Beach City Council in January of QICGRE’s proposed revitalisation of the approximately 120,000m2 site, including plans for a hotel, apartment units and offices as well as expanded retail space.
The shared vision of QICGRE and LCRE, which has been refined through extensive consultation with the local community, is for a true urban hub that serves the evolving ways in which the people of Redondo Beach wish to live, work, play and gather.
In line with QICGRE’s mission to support healthy and vibrant neighbourhoods, the next chapter for South Bay Galleria is poised to deliver improved public transport connections and substantial public space.
QICGRE and LCRE are united in their commitment to powering and sustaining the local economy, the latter bringing to this partnership its unparalleled expertise with luxury retail-driven developments such as Miami Design District and leading brands ranging from Dior to Dom Pérignon.
Michael O’Brien, managing director of QICGRE, said: “We are very pleased to partner with LCRE, a global leader with extensive insight into retail-led, mixed-use developments […] and look forward to working with them to unlock the embedded value in this asset.”
LCRE managing partner Mathieu Le Bozec said: “QICGRE is a like-minded, forward-thinking global real estate investor that shares our development ethos and vision for this project.”
South Bay Galleria was acquired by QICGRE in late 2017 and its development is being overseen by EVP of Investment Management (US) and Redondo Beach native John Alderson.