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Vestar to Acquire, Redevelop The Village at Orange
Vestar, a privately held real estate company headquartered in Phoenix, recently announced plans to acquire and redevelop regional mall The Village at Orange in Orange, Calif.
Vestar said that it secured acquisition financing for the 855,728-square-foot regional mall and the total loan consideration from Bank of America was $45.4 million.
The Village at Orange has anchors such as Wal-Mart, JCPenney, Sears, Ross Dress for Less and grocery Trader Joe’s. It also is the address for fashion shops such as Old Navy, Pacific Sunwear, Active Ride, Wet Seal, Tuesday Morning, Melissa Bleu and Weiman Shoes.
Vestar will be redeveloping the mall and adding new major and juniors anchor stores, along with upgrading the mall’s common areas. Construction is scheduled to start in 2015. Vestar owns properties in California that include Peninsula Center in Palos Verdes, The District at Tustin Legacy in Irvine, and Long Beach Towne Center and Buena Park Downtown in Buena Park.
