“It’s really a positive time right now for retail,” Slusher said. Last December, Slusher and his group closed the sale of GH in Granada Hills for $69.8 million. Jimmy Slusher, first vice president of CBRE Group Inc.’s National Retail Partners – West group, is not surprised by how much Westfield Santa Anita sold for. URW still owns Westfield Century City, Westfield Culver City, Westfield Topanga and the Village at Warner Center, as well as Westfield Fashion Square in Sherman Oaks and Westfield Valencia Town Center in Santa Clarita. In Florida, URW unloaded four malls in foreclosure. URW also sold a 300-unit residential tower at UTC Westfield in La Jolla for $238 million. Kroenke is expected to turn the property into a training facility for his Super Bowl champions. In March, the company sold the 34-acre site of the shuttered Westfield Promenade in Woodland Hills for $150 million to Los Angeles Rams owner Stan Kroenke. The sale continues Unibail-Rodamco-Westfield’s mission to shed its properties in the U.S. since 2018, whether as a 100% or partial-interest sale. “We see interest in owning high-quality and irreplaceably located malls as increasingly diversifying.”Īccording to Eastdil Secured data, this transaction represents the largest amount paid for a single mall asset in the U.S. “This transaction bodes well for the mall industry as a whole, as it further demonstrates the private capital market’s recognition of the significant improvement in the sector’s operational performance,” said Chris Hoffmann, managing director at Eastdil Secured. Westfield had owned and operated the mall since 2007, prior to when Unibail Rodamco bought the Australian firm for $25 billion in 2018. The 1.48-million-square-foot property, which is 96% leased, posts sales of $611 per square foot. in the last four years, according to Eastdil Secured, who advised URW on the deal. The sale of the mall - to an undisclosed commercial real estate investor who owns other retail assets in Southern California - represents the largest retail purchase in the U.S. Unibail-Rodamco-Westfield has sold Westfield Santa Anita in Arcadia for $538 million, or $363 per square foot.
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