Puente Hills Mall and its famous parking lot sold for $115 million last week.
The City of Industry’s mall, fictionally known as the Twin Pines Mall, was the backdrop of the iconic “Back to the Future” scene, where Marty McFly and Doc Brown travel through time in their DeLorean “time machine” sports car.
Fast forward from 1985 to the present, and the mall is on the cusp of a new future, with a new owner. Though that future is a bit of a mystery without a new time machine.
RCB Equites in L.A.’s Mid-Wilshire district and Real Estate Development Associates, LLC, of Newport Beach, recently obtained a $115 million acquisition loan to purchase the 56-acre City of Industry property.
“We are thrilled about the opportunity to transform Puente Hills Mall into a vibrant, modern business generator that aligns with the evolving needs of the City of Industry,” said Jason Krotts, founder and principal of Real Estate Development Associates, LLC, in a statement Monday.
Shoppers visit Puente Hills Mall in the City of Industry on Tuesday Sept. 3, 2024. Puente Hills Mall, filming location for “Back to the Future” has been sold. (Photo by Keith Durflinger, Contributing Photographer)
Sam Pedroza, assistant city manager of the City of Industry, confirmed Monday that the property closed escrow early last week in a private transaction.
“The City of Industry is committed to work closely with RCB Equities to revitalize the property and formulate a redevelopment plan that aligns with the city’s long-term vision of providing thousands of jobs for area residents,” Pedroza said.
The buyers have not announced any specific redevelopment plans for the mall. But they noted that the city’s infrastructure offered a compelling opportunity to reimagine the site.
“With the City’s robust power utilities and our vision for growth, we see immense potential in creating a flourishing change to project. Our partnership with the City of Industry is pivotal, and we are excited to collaborate on a redevelopment plan that reflects the city’s aspirations and contributes to the overall progress of the region.”
The mall has been a mecca for “Back to the Future” buffs. Fans flock to the hallowed parking lot annually on Oct. 25 to pay homage to the beloved film.
All the while, the mall’s owners have changed hands multiple times, bringing renovations.
In 2003, it was sold for $148 million. Two years later the property was sold again, this time for $170 million.
Additional owners bought and sold the site as the stores emptied out over the years, according to LA Magazine.
Kam Sang Co., a development company based in Arcadia, is the latest seller of the Azusa Avenue property.
The company bought the 1.2-million-square-foot mall in 2014 for $100 million, according to public records.
Shoppers visit Puente Hills Mall in the City of Industry on Tuesday Sept. 3, 2024. Puente Hills Mall, filming location for “Back to the Future” has been sold. (Photo by Keith Durflinger, Contributing Photographer)
The average vacant mall sells at 43% below its acquisition price, according to Capitol One Shopping Research.
The property was mostly deserted before the sale. As of December, the mall had dwindled to only having around 10 tenants.
Puente Hills Mall opened in phases between 1974 and 1975. It was once a bustling shopping center that once housed 125 stores and services across nearly 1.2 million square feet.
The Puente Hills Mall closure is not the only one of its kind. Mall redevelopments and closures have become more common across the country in recent years.
The United States is home to an estimated 1,150 malls. Some sources project that by 2032, there may be as few as 150 malls still in operation.
The combination of the COVID-19 pandemic and the shift toward online shopping may explain why these community and retail hubs are rapidly dwindling. With this shift, buyers are modifying these sprawling properties into housing, hotels and retail spaces.
Shoppers visit Puente Hills Mall in the City of Industry on Tuesday Sept. 3, 2024. Puente Hills Mall, filming location for “Back to the Future” has been sold. (Photo by Keith Durflinger, Contributing Photographer)
Orange County is home to a few similar projects, according to reports. The Westminster Mall has been re-imagined into a mixed-use complex, with residential units, hotel rooms and green space. Similarly, the Laguna Hills Mall is being redeveloped into housing units, along with office, hotel and retail space.
In 2022, the Westfield Santa Anita Mall sold for $538 million, the biggest mall sale in the U.S. since 2018, according to URW. The mall is now called The Shops at Santa Anita and it is nearly 100% leased with a variety of retailers.
The Carousel Mall in San Bernardino was purchased in with hopes of redevelopment. But by early this year, the site was embroiled in a legal battle.
For now, there’s no magical DeLorean that will zoom through time to see what the future site looks like. But officials say there’s strong potential.
“The opportunity to work with the City of Industry and our partners at REDA and TA Group to transform the Mall into an asset that the community will embrace really excites us,” said Brian Dror, Principal at RCB Equities in a statement.
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Jenna Mindel is an intern for the Southern California News Group.
David Wilson is a staff writer who covers the San Gabriel Valley.
