On a recent Sunday, Spanish-speaking families swarmed the Panorama Mall here in the outskirts of Los Angeles for an afternoon of Latino entertainment.

"We come for the mariachi, then we eat something and go shopping," said Gloria Mesina, visiting the mall with her daughter, Viviana, and her granddaughter, Brisa.

That is music to the ears of José Legaspi, a real-estate broker who joined forces with the mall's owner, Macerich Co., MAC -2.03% to revitalize the shopping center by targeting Hispanics.

The partners are among an emerging crop of commercial-property investors responding to the same demographic reality that has rocked the political landscape: the rise of Hispanics. READ MORE

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