Erzalow Buys Huntington Beach Mall

Irvine-based Erzalow Retail Properties LLC completed its purchase of the struggling Huntington Beach Mall for $48 million, the current owner, Santa Monica-based MaceRich Co., said Friday. Erzalow is expected to spend at least $50 million to redevelop the center, which has languished for the better part of a decade. The revamped 800,000-square-foot center would make its debut by the end of 2000 or early 2001 as an open-air facility with specialty retailers, upscale restaurants and a multiscreen cinema. Demolition is expected to begin in January.