Westfield Group Sells Mall in Eagle Rock
Los Angeles–based Westfield Group has sold eight shopping centers, including a mall in Eagle Rock, Calif., to two real estate entities for $550 million.
Seven of the properties, including the Westfield Eagle Rock center in Los Angeles County, will be sold to Australian firm Centro Properties Group. Another property, the Northwest Plaza in St. Ann, Mo., is being sold to Santa Barbara, Calif.–based Somera Capital Management for $47 million.
Westfield, whose world headquarters is in Australia, has previously struck other deals with Centro.
Westfield executives said the properties are considered “non-strategic assets.” The company will use the proceeds to invest in properties that have a potential for higher returns, Westfield’s Managing Director Peter Lowy said in a prepared statement.
The Eagle Rock center, located at 2700 Colorado Blvd., was sold for $57 million. Westfield executives estimate its holding value at $51.2 million. The 500,000-square-foot center houses 71 stores and is anchored by Robinsons-May and Target.
The agreement with Centro calls for an outright sale of Enfield Square in Connecticut and the Westland shopping center in Lakewood, Colo. Centro will assume a majority interest in five other centers, with Westfield keeping a 5 percent interest. Those centers include Eagle Rock, as well as centers in Richland and Elyria, Ohio; Cape Girardeau, Mo.; and Wilmington, N.C. The transactions are expected to close within 60 days. —Robert McAllister
