{"id":1004637447,"date":"2023-01-03T04:46:42","date_gmt":"2023-01-03T12:46:42","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004637447"},"modified":"2023-01-03T04:46:44","modified_gmt":"2023-01-03T12:46:44","slug":"unibail-rodamco-westfield-sells-2-retail-centers-for-196m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/unibail-rodamco-westfield-sells-2-retail-centers-for-196m\/","title":{"rendered":"Unibail-Rodamco-Westfield Sells 2 Retail Centers for $196M"},"content":{"rendered":"
\"\"<\/a>

Westfield Trumbull<\/p><\/div>\n

Unibail-Rodamco-Westfield<\/strong> has sold two shopping centers, Westfield Trumbull in Trumbull, Conn., and Westfield South Shore in Bay Shore, N.Y., for a total of $196 million. The combined gross sale price of the two properties equals their gross market values, while also reflecting an initial yield of 9.5 percent on the in-place NOI.<\/p>\n

The transaction came on the heels of another significant disposition; a few days ago, URW sold The Village, a 600,000-square-foot outdoor lifestyle destination in the San Fernando Valley of Los Angeles. The Kroenke Organization purchased the Class A asset for $325 million.<\/p>\n

\n

READ ALSO:<\/strong> Where to Find Opportunities as Economy Slows<\/a><\/p>\n

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And, a few months back, the firm sold a 1.5 million-square-foot super-regional mall in Arcadia, Calif., for $537.5 million.<\/a> The transaction marked the largest U.S. shopping center sale since 2018.<\/p>\n

These recent sales and ownership transfers has brought URW $1.3 billion in total proceeds to date since the start of the firm’s planned reduction of its U.S. financial exposure. The company operates 80 shopping centers in 12 different countries, which attract over 900 million visits annually.<\/p>\n

Two Westfield-branded assets<\/h2>\n

Built in 1965, Westfield Trumbull is a super-regional mall totaling 1.2 million square feet. The multi-tenant property occupies a 77.7-acre site at 5065 Main St., in an area where the traffic count reaches 78,800 vehicles per day. The asset was 85 percent leased at the time of sale.<\/p>\n

Westfield South Shore came online in 1963 at 1701 Sunrise Highway. The 89 percent-leased complex encompasses five buildings spread across 86.6 acres, totaling nearly 1.2 million square feet. According to CommercialEdge data, URW had purchased the asset in 1986, in an $85 million transaction.<\/p>\n

The same data provider shows that URW refinanced both assets in 2015. The firm received a $152.3 million loan from Column Financial<\/strong> for Westfield Trumball, while Westfield South Shore became subject to a $125.7 million note originated by\u00a0JPMorgan Chase<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Completed in the early 1960s, the assets total some 2.4 million square feet.<\/p>\n","protected":false},"author":3014,"featured_media":1004637490,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,1600,21742,10,21749],"tags":[35274,50512],"class_list":["post-1004637447","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-new-york","category-latest","category-northeast","category-retail","tag-jpmorgan-chase","tag-unibail-rodamco-westfield"],"acf":[],"yoast_head":"\nUnibail-Rodamco-Westfield Sells 2 Retail Centers for $196M - CPE<\/title>\n<meta name=\"description\" content=\"Unibail-Rodamco-Westfield sold Westfield Trumbull in Trumbull, Conn., and Westfield South Shore in Bay Shore, N.Y., for $196 million.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/unibail-rodamco-westfield-sells-2-retail-centers-for-196m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Unibail-Rodamco-Westfield Sells 2 Retail Centers for $196M\" \/>\n<meta property=\"og:description\" content=\"Unibail-Rodamco-Westfield sold Westfield Trumbull in Trumbull, Conn., and Westfield South Shore in Bay Shore, N.Y., for $196 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/unibail-rodamco-westfield-sells-2-retail-centers-for-196m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-03T12:46:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-03T12:46:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/Westfield-Trumbull-1-e1672749194338.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"750\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Diana Firtea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/unibail-rodamco-westfield-sells-2-retail-centers-for-196m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/unibail-rodamco-westfield-sells-2-retail-centers-for-196m\/\",\"name\":\"Unibail-Rodamco-Westfield Sells 2 Retail Centers for $196M - 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