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Forest City acquires Galleria at South Bay

Cleveland – Locally based Forest City Enterprises Inc. recently acquired Galleria at South Bay, a 955,000-sq.-ft. mall in Redondo Beach, Calif. The mall's anchors include Nordstrom, Robinson-May and Mervyn's.

Forest City acquired Galleria at South Bay for $116 million through a tax-deferred exchange. The mall is currently 96% leased and is producing sales of $400 per sq. ft. The company plans to renovate the mall, which opened in 1985.

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