{"id":1004679349,"date":"2023-09-08T01:35:14","date_gmt":"2023-09-08T09:35:14","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004679349"},"modified":"2023-09-11T05:56:36","modified_gmt":"2023-09-11T13:56:36","slug":"unibail-rodamco-westfield-sells-la-area-mall-for-199m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/unibail-rodamco-westfield-sells-la-area-mall-for-199m\/","title":{"rendered":"Unibail-Rodamco-Westfield Sells LA-Area Mall for $199M"},"content":{"rendered":"
\"\"

Westfield Valencia Town Center. Image courtesy of Unibail-Rodamco-Westfield<\/p><\/div>\n

Unibail-Rodamco-Westfield<\/strong> has completed the $199 million sale of Westfield Valencia Town Center, a 1 million-square-foot shopping mall in Santa Clarita, Calif. Centennial Real Estate<\/strong> purchased the property for $4 million in excess of the property’s existing $195 million debt. URW had defaulted on the loan in January.<\/p>\n

Following the change of hands, the property has been rebranded as Valencia Town Center. Carl Tash, Centennial\u2019s CIO & senior executive vice president, said in prepared remarks the firm is taking into consideration the asset’s redevelopment into a live-work-play destination that will combine retail with offices, apartments and entertainment spaces.<\/p>\n

The sale is the latest transaction in URW’s ongoing two-year deleveraging strategy that includes office and residential properties. So far, the undertaking has generated $1.8 billion in proceeds; dispositions included Westfield Mission Valley<\/a> and Westfield North County Fair<\/a>, two shopping centers totaling 2.7 million square feet.<\/p>\n

A shopping mall with a long history<\/h2>\n

Valencia Town Center came online in 1992, developed by the former JMB Realty\u2019s retail-focused arm, Urban Shopping Centers. Eight years later, the firm was bought by Rodamco North America, which merged with the Westfield Group in a $2.2 billion deal that closed in 2002. That move saw Westfield acquiring a quarter of the ownership stake of the asset, which would later expand to half in 2005, after a $69.2 million buy. The mall consequently adopted the Westfield brand, in line with other shopping centers owned by the company.<\/p>\n

\n

READ ALSO:\u00a0<\/strong>CBRE Capital Forecast: Caution This Year, Some Recovery Next Year<\/span><\/a><\/p>\n

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In 2019, the owner announced a $100 million expansion with a Costco and additional cinema space to take shape at the site of a now-demolished Sears. That project was canceled two years later.<\/p>\n

Presently, the 60-acre mall is home to some 140 retailers. Macy\u2019s, alongside JCPenney, H&M, Forever 21, Regal Cinemas and Gold\u2019s Gym, anchor the property. The Patios, a landscaped outdoor section that combines experiential stores with outdoor dining options is one of its most-trafficked offerings. The asset was 87 percent leased at the time of sale.<\/p>\n

Located at 24201 Valencia Blvd., the shopping mall is adjacent to Valencia Town Center Drive, a mixed-use development that also includes a 57,000-square-foot medical facility, 551 luxury apartments and a 244-key Hyatt hotel. Downtown Los Angeles is 34 miles southeast.<\/p>\n","protected":false},"excerpt":{"rendered":"

The sale is part of a deleveraging strategy that has generated $1.8 billion so far.<\/p>\n","protected":false},"author":3012,"featured_media":1004679564,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,1594,21742,21749,15],"tags":[52163,50512],"class_list":["post-1004679349","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-los-angeles","category-latest","category-retail","category-west","tag-centennial","tag-unibail-rodamco-westfield"],"acf":[],"yoast_head":"\nUnibail-Rodamco-Westfield Sells LA-Area Mall for $199M - CPE<\/title>\n<meta name=\"description\" content=\"Unibail-Rodamco-Westfield has sold Westfield Valencia Town Center, a large shopping mall in Santa Clarita, Calif., to Centennial.\" \/>\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-la-area-mall-for-199m\/\" \/>\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 LA-Area Mall for $199M\" \/>\n<meta property=\"og:description\" content=\"Unibail-Rodamco-Westfield has sold Westfield Valencia Town Center, a large shopping mall in Santa Clarita, Calif., to Centennial.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/unibail-rodamco-westfield-sells-la-area-mall-for-199m\/\" \/>\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=\"2023-09-08T09:35:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-11T13:56:36+00:00\" \/>\n<meta name=\"author\" content=\"Gabriel Frank\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/09\/IMG_9836A6-e1723629838738.jpg\" \/>\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-la-area-mall-for-199m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/unibail-rodamco-westfield-sells-la-area-mall-for-199m\/\",\"name\":\"Unibail-Rodamco-Westfield Sells LA-Area Mall for $199M - CPE\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/unibail-rodamco-westfield-sells-la-area-mall-for-199m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/unibail-rodamco-westfield-sells-la-area-mall-for-199m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/09\/IMG_9836A6-e1723629838738.jpg\",\"datePublished\":\"2023-09-08T09:35:14+00:00\",\"dateModified\":\"2023-09-11T13:56:36+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/cf1bfd2d6753f6ea305911ffd020862c\"},\"description\":\"Unibail-Rodamco-Westfield has sold Westfield Valencia Town Center, a large shopping mall in Santa Clarita, Calif., to Centennial.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/unibail-rodamco-westfield-sells-la-area-mall-for-199m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/unibail-rodamco-westfield-sells-la-area-mall-for-199m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/unibail-rodamco-westfield-sells-la-area-mall-for-199m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/09\/IMG_9836A6-e1723629838738.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/09\/IMG_9836A6-e1723629838738.jpg\",\"width\":1200,\"height\":901,\"caption\":\"Westfield Valencia Town Center. 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