Marina del Rey : Mall Sale, Upgrading OKd

A Massachusetts investment firm gained county approval Tuesday to buy Marina del Rey’s main shopping center after agreeing to spend $400,000 to upgrade the 21-year-old cluster of stores, shops and restaurants on Lincoln Boulevard.

The Board of Supervisors approved the $21-million sale to Carlisle Realty Holdings I after the firm also agreed to pay a $40,000 “processing fee” to the county, which owns all 800 acres in the marina.

The 60-year county lease with the current center owner, Benequity Properties, does not require either the upgrade or the fee upon sale. But the new owner agreed to both payments to expedite county approval--which could have taken many months--and for competitive reasons, said Ted Reed, director of the Department of Beaches and Harbors.

“What the new owners are saying is that there are a couple of new shopping centers scheduled for that area, and if they’re going to compete they want to bring in some more upscale shops. They want to glitz it up a little,” Reed said.

The shopping center is now typical of single-story suburban shopping malls, consisting of a supermarket, bank, post office and a variety of shops and restaurants, Reed said.

County officials say that the marina, which is celebrating its 25th anniversary, needs a face-lift if it is to compete successfully with new projects in the same area.