Santa Anita Realty Buys Part of Neighborhood Mall

Los Angeles-based Santa Anita Realty Enterprises Inc. said it has acquired a portion of a neighborhood shopping mall in Orange for about $5.1 million in cash.

The real estate investment trust bought 10 acres of the shopping center--located across the street from the Mall of Orange at Tustin and Meats avenues--from the Santa Anita Development Corp., a former subsidiary of the realty group’s partner Santa Anita Operating Co.

The shopping center is part of a larger complex anchored by a Target department store.