A Texas-based investor has bought a mall in Palmdale, marking what looks to be the firm’s first investment in California.
Tabani Group bought a roughly 214,000-square-foot retail center at 39340 10th Street West for $57.3 million, or about $267 per square foot, according to public property records filed with Los Angeles County.
San Diego-based Merlone Geier Partners sold the property. The firm bought the mall for $37.3 million in 2013, records show.
Aldi, Petco, Target, Home Goods and Lowe’s all have stores at the property, which is made up of more than 10 parcels. Home Goods holds a lease on a 27,000-square-foot store at the mall through 2027, according to public loan documents.
Tabani Group, based in Dallas, currently owns about 10 million square feet of commercial, hotel and residential real estate across the U.S., according to its website. The firm did not respond to a request for comment.
Across the Western U.S., the company owns a mall in Henderson, Nevada and another in Albuquerque, New Mexico.
Merlone Geier Partners has sold a number of retail properties in recent months. In March, the firm sold two malls in Huntington Beach and one in Petaluma for $125 million.
It hasn’t stopped investing in malls altogether. The company recently won approval from the city of Laguna Hills to redevelop a now closed mall at 24155 Laguna Hills Mall into 68 acres of shops, restaurants, offices, apartments and a hotel.
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