Bayshore has new owner as redevelopment continues
Bayshore Town Center has a new owner, even as the Glendale mall pursues a redevelopment plan.
AIG Global Real Estate Services has acquired Bayshore, which includes apartments, offices and retail buildings, from New York-based Olshan Properties. Details on the terms of the transaction, which was disclosed Monday, weren’t available.
That’s according to Glenn C. Miller, portfolio marketing director at Dallas-based Cypress Equities Managed Services, which AIG has hired to help operate Bayshore.
An Olshan spokesman also confirmed the sale, but declined further comment.
New York-based AIG had served as the mortgage lender on Bayshore and negotiated a transfer of ownership with Olshan.
“AIG Global Real Estate sees value in an enhanced Bayshore Town Center that benefits tenants, consumers and the local community,” Douglas Tymins, president and chief executive officer of AIG, said in a statement.
“We look forward to the progress to come through the expert management of this property,” Tymins said.
Miller declined to provide any information on pending redevelopment plans at Bayshore. He said those plans are expected to be set in 2018.
Glendale Mayor Bryan Kennedy said the new owners plan to focus on new buildings for the former Sears site, at Bayshore’s north end. That vacant department store was recently demolished.
“We welcome the new ownership,” Kennedy said. “They saw (Bayshore) as a good investment.”
Neither Olshan nor AIG have yet filed plans for the former Sears site with city officials, Kennedy said.
Seattle-based Nordstrom Inc. in June announced plans to open its discount wing, Nordstrom Rack, at Bayshore in fall 2018.
The 26,800-square-foot store would help anchor the redeveloped northern end.
Total Wine & More, T.J. Maxx and HomeGoods also have been mentioned by commercial real estate sources as other prospective tenants in the redeveloped area.
The plans could include new buildings with retail on the first floor and apartments above, along with separate townhouse apartments and a public plaza.
The 117,000-square-foot Sears store closed in December 2014, and its lease ended in December 2016.