Sale of Redlands Mall Announced as Property Closes Escrow by Carl Baker - City News Group, Inc.

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Sale of Redlands Mall Announced as Property Closes Escrow

By Carl Baker, Community Writer
July 30, 2014 at 08:42am. Views: 32

A major economic development goal of the City Council has been achieved with the announcement that the sale of the Redlands Mall to a San Diego-based international real estate and investment firm has been completed. Brixton Capital, an arm of Brutten Global, closed escrow Wednesday, July 23, on the mall property, located on approximately 11 acres on Orange Street, between Redlands Boulevard and Brookside Avenue. The purchase price and other terms of the deal were not disclosed. “We are extremely pleased with this positive step forward for the Redlands Mall and the entire downtown,” said Mayor Pete Aguilar. “We are looking forward to working with the new owners to achieve the long-term vision of revitalizing this key piece in the economic resurgence of our historic downtown.” Representatives of the new owners indicated plans to convert the mall property to a mixed use project including both residential and retail development. Staff from the City’s Development Services Department worked with the mall’s previous owners, Howard Hughes Corp., for more than a year to generate interest and solicit potential buyers for the mall. More than a dozen development teams expressed interest. Howard Hughes Corp. narrowed the field down to a few qualified buyers before entering negotiations with Brixton Capital. The Redlands Mall, developed by the Hahn Company, first opened in 1977 with more than 173,000 square feet of enclosed leasable space and a 12,586-square-foot freestanding retail building. In 2004, the mall was purchased by General Growth Properties. It was later acquired by Howard Hughes Corp. and the majority of the center closed in 2010. Information about Brixton Capital is available on the company’s website at http://www.brixtoncapital.com. Information about Brutton Global is available on the company’s website at www.bruttonglobal.com.

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