Both of the parcels that make up the Westfield Mission Valley shopping centers have been sold for $290 million, a developer has announced.
The transaction includes the sale of Westfield Mission Valley East to Lowe Enterprises and Real Capital Solutions, and Westfield Mission Valley West to Sunbelt Investment Holdings Inc., according to Unibail-Rodamco-Westfield (URW), recipient of a 42% share in the purchase price.
The Mission Valley centers originally opened in the early 1960s, with their last significant renovation in the 1990s. The 1.5 million square-foot property has 71% occupancy.
The sites include Trader Joe’s, Old Navy and Coffee Bean & Tea Leaf on the west and on the east, across Mission Center Road, Target, Nordstrom Rack and AMC Theatres.
A move toward housing on one of the Mission Valley sites appears to be in the cards. The San Diego Union-Tribune reported that a change in land-use designation allows the west side to be categorized as “mixed use,” meaning it will be available for multiple uses, including residential, in addition to retail.
In 2021, URW, based in Paris, announced that it would embark upon a “radical reduction” of its regional mall holdings to focus on its European investments, according to therealdeal.com.
Westfield, the report said, had 10 malls from Los Angeles to San Diego, for a total of around 12 million square feet.
A stake in Westfield North County was sold last winter for $57 million. URW also has sold Palisade, a large residential property at UTC Westfield for $238 million, The Real Deal said.
Other recent URW property sales include:
- 2023: Westfield Brandon in Florida.
- 2022: the Promenade development parcel in Woodland Hills, The Village in Canoga Park, Westfield Santa Anita, Westfield South Shore in New York and Westfield Trumbull in Connecticut.
- 2021: Transferring ownership of five regional properties.
