Vintage Real Estate Signs New Forever 21 Concept to SouthBay Pavilion.
F21 RED Set to Open in Spring 2017.
May 18, 2016 — Vintage Real Estate (VRE), LLC, Los Angeles-based private investment firm which focuses on the direct acquisition, operation and development of value-add properties nationwide, has announced that F21 RED, Forever 21’s latest store concept, has signed a lease to unveil a new location at the SouthBay Pavilion regional shopping center, located at 20700 Avalon Blvd. in Carson, California. F21 RED, which is slated to open in spring 2017, is one of a number of stores that have recently signed on at SouthBay Pavilion as part of a $28 million redevelopment and expansion plan, which is currently underway.
In addition to F21 RED, several new restaurants, including Olive Garden, Pieology and Buffalo Wild Wings, which are now open, have recently joined the center. A new 57,000-square-foot, digital state-of-the-art Cinemark theatre also opened within the last year, as well as Sephora, which just opened in the JCPenney at SouthBay Pavilion.
Forever 21, the fifth largest specialty retailer in the United States, is using SouthBay Pavilion to open its new concept store, F21 RED, which currently operates in more than 20 locations throughout the United States. This new format offers a larger selection of the retailers’ most popular lines, including Forever 21, Forever 21 Men, Forever 21 Plus, and Forever 21 Kids, at entry-level prices.
“SouthBay Pavilion is appealing to Forever 21 and other retailers like it because of its close proximity to thriving suburbs in the surrounding Los Angeles area,” said Dr. Carla Sands, chairman of Vintage Real Estate. “The potential for future growth is certainly here, and tenants, like Forever 21, are capitalizing on the current climate to expand their brick and mortar stores in regional malls.”
The lease with F21 RED is one of several new leases signed at SouthBay Pavilion within the last 12 months. Currently 98 percent leased, SouthBay Pavilion is anchored by IKEA, JCPenney, Sears and Target. The center also features several other new and expanded national tenants like Old Navy, rue21, Wing Stop and Payless Super Store. SouthBay Pavilion serves the community of the South Bay, which boasts a population of 589,907 in the surrounding five mile radius with an average household income of $69,523.
“At VRE, we strategically select retailers that will cater to the specific needs of the local population in order to best serve the community and position the retailers for success,” said Roger Burghdorf, executive vice president of leasing at Vintage Real Estate. “This strategy has proven successful for many national retailers like Forever 21, and nearby residents, who view SouthBay Pavilion as a community mall where they can shop, dine and play.”
Forever 21 was represented by Edge Realty Partners in this transaction.