A new owner could be in the works for one of Orange County’s most troubled shopping centers, Costa Mesa’s Triangle Square.
Newport Beach-based real estate investor and developer Greenlaw Partners is said to be close to buying the mall, according to sources.
Greenlaw could look to overhaul Triangle Square by adding homes and cutting the number of shops.
The company is said to be in escrow to buy the center from Pasadena-based Triangle Square Investment LLC, which bought it in 1998 for an estimated $47 million.
Representatives for Greenlaw and Triangle Square’s management company declined to comment on a possible sale.
According to sources, the prospective buyer is proposing a major redevelopment for Triangle Square, which, despite its enviable spot at the end of the Costa Mesa (55) Freeway, has had a hard time keeping tenants.
A proposal in the works would cut retail space at the 191,000-square-foot mall and add condominiums.
Early plans have been presented to Costa Mesa’s planning department. It likely would be several months before the city signs off on a redevelopment plan.
For more on this story, see the June 19 edition of the Business Journal.
