Westfield Santa Anita has modified palms in one of the crucial costly mall gross sales in years as its Paris-based proprietor strikes to unload its U.S. properties and retrench in Europe.
Unibail-Rodamco-Westfield bought the big indoor purchasing heart in Arcadia for $537.5 million, the French mall firm mentioned.
It was the best value paid for a U.S. mall since 2018, in accordance with actual property funding financial institution Eastdil Secured, which suggested Unibail-Rodamco within the sale. That 12 months, actual property large Brookfield bought a 49% stake in Style Place close to Salt Lake Metropolis for $594 million, which Brookfield’s actual property chief told investors “was a very healthy price.”
The id of the Arcadia mall purchaser was not disclosed, however Unibail-Radamco mentioned the brand new proprietor “is a longtime business actual property investor who owns different retail property in Southern California.”
Promoting the mall close to the famed Santa Anita Park horse-racing venue was a part of Unibail-Rodamco’s deliberate “radical discount of its monetary publicity within the U.S.,” the corporate mentioned.
The proprietor of Westfield malls, acquainted to passersby for many years for his or her bright-red emblem indicators, mentioned in April it could sell all its properties within the U.S. and wager its future on Europe, the place it’s the largest proprietor of purchasing facilities.
All 24 U.S. malls are to be bought by 2023, Chief Govt Jean-Marie Tritant advised traders on the time. The corporate will turn into a “centered, European pure-play,” he mentioned.
Westfield Santa Anita was broadly thought to be one of many crown jewels of the Westfield chain. The 1.5-million-square-foot property on Baldwin Avenue is 96% leased, with gross sales of greater than $600 per sq. foot on an annualized foundation, Eastdil mentioned, a measure of profitable mall exercise.
Different high-profile Los Angeles-area properties within the chain embody Westfield Century Metropolis and Westfield Topanga & the Village in Warner Heart.
Westfield Santa Anita has 23 buildings and was accomplished in phases between 1974 and 2009, actual property information supplier CoStar mentioned. Present tenants embody Nordstrom, Zara, Lululemon, Macy’s and H&M.
“This transaction bodes effectively for the mall trade as an entire because it additional demonstrates the non-public capital market’s recognition of the numerous enchancment within the sector’s operational efficiency,” Chris Hoffmann, managing director of Eastdil, mentioned in a press release.