{"id":1004600957,"date":"2022-08-30T02:15:06","date_gmt":"2022-08-30T10:15:06","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004600957"},"modified":"2023-03-22T22:49:47","modified_gmt":"2023-03-23T06:49:47","slug":"shopoff-pays-49m-for-orange-county-macys-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/shopoff-pays-49m-for-orange-county-macys-asset\/","title":{"rendered":"Shopoff Pays $49M for Orange County Macy&#8217;s Asset"},"content":{"rendered":"<div id=\"attachment_1004600958\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/Westminster-Mall-e1661844765716.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004600958\" data-attachment-id=\"1004600958\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/shopoff-pays-49m-for-orange-county-macys-asset\/westminster-mall\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/Westminster-Mall-e1661844765716.jpg\" data-orig-size=\"800,600\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Westminster Mall\" data-image-description=\"&lt;p&gt;Westminster Mall&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Westminster Mall&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/Westminster-Mall-e1661844765716.jpg?w=800\" class=\"wp-image-1004600958 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/Westminster-Mall-e1661844765716.jpg?w=300\" alt=\"\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/Westminster-Mall-e1661844765716.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/Westminster-Mall-e1661844765716.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/Westminster-Mall-e1661844765716.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004600958\" class=\"wp-caption-text\">Westminster Mall<\/p><\/div>\n<p><strong>Shopoff Realty Investments<\/strong> has acquired an 11.9-acre parcel of Westminster Mall in Westminster, Calif., for $49 million from <strong>Macy\u2019s<\/strong>. The buyer plans to redevelop the property, which included an operating department store and is now leased back to the seller.<\/p>\n<p><strong>Mavik Capital Management<\/strong> provided $20 million in financing for the Orange County acquisition, as well as Shopoff\u2019s purchase of another 14.1-acre parcel of the same mall for $46.3 million, from <strong>Seritage Growth Properties<\/strong> in July 2022. Additional financing includes a loan for the property\u2019s redevelopment from <strong>Hankey Capital<\/strong>, which also provided Shopoff with senior financing for the July purchase. <strong>Walker &amp; Dunlop<\/strong> procured the senior debt, while <strong>Land Advisors Organization<\/strong> represented the buyer.<\/p>\n<p>Located at 1025 Westminster Mall, the property, which was originally built in 1977, according to CommercialEdge data, has roughly 1.3 million square feet of <a href=\"https:\/\/www.commercialsearch.com\/news\/cpe-poll-retails-comeback\/\">retail<\/a> on approximately 90 acres. Tenants include Target, JCPenney and Macy\u2019s. The mall also has direct freeway access to Interstate 405 and is less than 10 miles northwest of Huntington State Beach, some 12 miles west of Irvine Business Complex and 13 miles east of the Port of Long Beach.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The parcel is the investor\u2019s second purchase of the summer at this Southern California mall.<\/p>\n","protected":false},"author":3142,"featured_media":1004600958,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,34267,21749,15],"tags":[33353,36770,33397,44213],"class_list":["post-1004600957","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-orange-county","category-retail","category-west","tag-macys","tag-seritage-growth-properties","tag-shopoff-realty-investments","tag-walker-dunlop"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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