Lender Moving In On Hayward’s Southland Mall

The mortgage on Southland Mall, the General Growth (GGP: 16.75 +1.89%) owned mall in Hayward, have been transferred to a special servicer according to rating agency Standard & Poor’s.

General Growth had an $81.3M loan on the mall that matured March 1st, a loan which General Growth indicated it could not service.

The mall is anchored by a Sears, JC Penney, and Macy’s, and is located at the SWC of Highway 880 and Winton Avenue. It previously was also home to a Mervyn’s, but was slated to re-open as a Kohl’s sometime this year.

General Growth acquired the mall in December of 2002 for some $89 million. The mall has a total GLA of 1,355,114 SF, with 614,850 SF being attributable to mall space. At the time of acquisition, the mall was reported to have about $8M in NOI.

The mall sits on a huge parcel, partly because the shop space is all single-story. We’re not sure of the exact parcel size, but a quick look reveals 4 parcels owned by an entity called Southland Mall in Alameda County. The four parcels combine for some 82 acres, which at $89M is about $69 psf on the building, and $24 psf under it (land).

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