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Big developer gobbles up Manhattan Village
by John Tawa
Madison Marquette, a Cincinnati-based company that touts itself as specializing in the acquisition and redevelopment of "unique retail environments," purchased 77 per cent of the 19-year-old Manhattan Village Shopping Center on Friday from AMB Institutional Realty Advisors, Inc., and Macerich Company. The purchase price was not disclosed.
"We are very excited to become an active member of the Manhattan Beach and South Bay community," said Mike Tewalt, vice president of development for Madison Marquette. "The center is a great place for shopping, dining and relaxation and we look forward to making it even better."
Only the larger Macy's store and the Manhattan Hacienda office building were excluded from the purchase. They are owned by Federated Department Stores and were not for sale, said Madison Marquette spokesperson Rebecca Falletta. Madison Marquette and Federated intend to work closely together, she added.
Fry's, the Macy's Men's/Home Store, Pacific Theaters, Sav-On Drugs and Ralph's are among Madison Marquette's anchor tenants in Manhattan Village. While the developer said that it is contemplating renovations, it would not disclose what they are.
"It's so early in the game," Falletta explained. "We're considering all options. Nothing is concrete as of yet."
Falletta also wouldn't discuss the fate of the shopping center's current management team. Margo Heltzel has been the mall's marketing director for 13 years.
Madison Marquette is best known in Manhattan Beach as a finalist to develop the Metlox site downtown. The developer withdrew from consideration for Metlox in September, 1998, before presenting any development ideas to the city council.
Despite having its home base in Cincinnati, Madison Marquette has a major presence in the West, owning nearly one million square feet of retail real estate on the West Coast.
The company's motto is "Creating special places." ER