LBG Real Estate to redevelop East Bay mall in billion-dollar project
Los Angeles–based LBG Real Estate Cos. has plans to execute a rebranding and re-tenanting plan for its recently acquired the Shops at Hilltop, a 1.2 million-square-foot shopping center in the San Francisco East Bay submarket of Richmond, Calif.
The project is estimated to cost more than $1 billion, reports The Registry.
The 1.2 million-square-foot property was acquired by LBG Real Estate Cos. and Aviva Investors in July 2017. At the time, the mall had been foreclosed upon, having experienced a barrage of distressed owners for at least five years prior to the sale.
The developer has been establishing new leasing agreements, which is phase one of its repositioning and development plan. Tenants are to be “Asian-centric” to reflect the growing Asian demographics in the area. LBG forecasts significant population growth in the East Bay, particularly in the region’s Asian population, currently estimated at 22 percent. The Asian population in the region is expected to grow more than 10 percent by 2023.
Recently signed tenants include 99 Ranch Market as one of the anchor tenants. Macy’s, Walmart, Sears and 24-Hour Fitness will continue to anchor the mall. Media outlets have reported LBG plans to secure tenants such as a dim sum restaurant, a Korean spa and a hot pot restaurant.
“If you can put a critical mass of restaurants together, there just isn’t anywhere in the East Bay that has 20 great restaurants,” explained Leslie Lundin, managing partner and co-founder at LBG to The Registry. “It’s going to be this one-stop shopping center if you want to go out; there’s always something going on.”
Phase one is expected to be completed by the beginning of 2020.
Shopping center improvements set for mid-2019:
- Updated community gathering spots
- Major interior and exterior renovations
- New and dynamic wayfinding improvements
- Extensive special events programming
Plans for other parcels at the 77-acre Hilltop Mall Road site:
- Limited-use business hotels
- Creative, co-working office space
- Conventional and/or medical office space
- A variety of residential uses
