GMAC Institutional Advisors and a partner are paying $224 million for the Bella Terra Shopping Center in Huntington Beach, which is undergoing a major facelift.
GMAC Institutional said Tuesday it is putting up $40 million in cash and GMAC Commercial Mortgage Corp. is providing up to $205 million in debt. GMAC, part of General Motors Corp., is working with San Jose’s DJM Capital Partners Inc. on the deal.
J.H. Snyder Co. has been remodeling the 777,000-square-foot center, formerly known as Huntington Beach Mall. The mall has suffered from empty stores and fewer shoppers as other areas’ malls have flourished.
Bella Terra is set to become an open-air center with a movie theater complex. Anchor tenants include Kohl’s, Barnes & Noble, Bed Bath & Beyond, Century Theaters, Circuit City, REI, Cost Plus, Mervyn’s and Staples.
Robert Fabiszewski, an executive vice president with GMAC, said the company plans to bring in other investors.
