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outhland Mall, a 1.1‑million‑square‑foot regional center in Hayward, was sold on Oct. 24 for $70 million in cash to an affiliate of Namdar Realty Group, a New York‑area firm that targets large retail properties that the market has overlooked. The transaction was filed with the Alameda County Recorder’s Office and adds another underperforming mall to Namdar’s growing portfolio.
The complex sits beside the I‑880/West Winton interchange, a high‑traffic spot that Brookfield Properties—its former owner—described as “highly visible” and “easily accessible” to residents. Brookfield also noted that the center faces limited competition within a 20‑mile radius and that land for expansion is scarce in the area.
Southland’s anchor tenants are Macy’s, JCPenney, Ross Dress for Less, Hobby Lobby (which moved into a former Dick’s Sporting Goods space in recent years), and a Cinemark Century theater. The only vacant anchor is the former Sears, which closed in 2020; the original mall layout was built around that store. The 1.1 million square feet of retail space is typical of East Bay regional centers.
Namdar’s strategy is to acquire “value‑added” properties that are underperforming, then invest in renovations and operational improvements to boost performance and rent. The firm has a history of buying distressed assets at attractive prices and repositioning them for higher returns. However, its approach has drawn criticism in some communities. In August, the city of Citrus Heights began condemnation proceedings against a parcel of Sunrise Mall owned by a Namdar affiliate after a May inspection uncovered numerous violations and a notice to abate.
In a June 2024 Bloomberg TV interview, CEO Igal Namdar said the group is still hunting for distressed office and retail assets. He highlighted that Namdar draws capital from U.S. banks, pension funds, insurance companies, and Israeli investors through a publicly listed Israeli entity, giving the firm a diverse funding base.
Brookfield praised Southland’s strategic location and limited competition when it sold the mall. While Namdar has not released a detailed strategy for the property, its track record suggests a focus on rehabilitation, repositioning, and maximizing the value of the existing tenant mix.
