Ownership of Bayshore Town Center in Glendale, which includes a mall, apartments and office tenants, has been transferred to New York-based AIG Global Real Estate Services.
“AIG Global Real Estate sees value in an enhanced Bayshore Town Center that benefits tenants, consumers, and the local community,"Douglas Tymins, president and CEO of AIG Global Real Estate, said in a written statement. "We look forward to the progress to come through the expert management of this property.”
Dallas-based Cypress Equities Managed Services, L.P. announced the sale in a press release Monday, although it did not disclose AIG as the buyer. Cypress will provide property management and leasing assistance to the new owner. The company declined to provide further information about the terms of the sale.
Tymins could not be reached for further comment.
The 52-acre complex was previously owned by New York-based Olshan Properties. Representatives from Olshan could not be reached for comment.
"(Olshan) issued the keys back to the lender (AIG)," an industry source told BizTimes Milwaukee.
Bayshore is no longer listed on Olshan’s portfolio list.
“Together with Bayshore’s new owner, we recognize the need to create a destination that tenants, consumers, and the local community can be proud of,” Chris Maguire, chief executive officer for Cypress said in a press release.
This year, Bayshore has undergone two management changes and also several discussions about redevelopment plans including adding a Nordstrom Rack at the recently demolished former Sears store site.
“Our team is looking forward to bringing our fresh perspective, track record of success and capital support to enhance Bayshore Town Center, and we are excited to add this to our portfolio of first-class properties,” Maguire said in the release.
Columbus, Ohio-based Steiner & Associates did a $300 million redevelopment project to transform Bayshore Mall into Bayshore Town Center. That project was completed in 2006.