The parcel is the investor’s second buy of the summer season at this Southern California mall.
Shopoff Realty Investments has acquired an 11.9-acre parcel of Westminster Mall in Westminster, Calif., for $49 million from Macy’s. The customer plans to redevelop the property, which included an working division retailer and is now leased again to the vendor.
Mavik Capital Administration supplied $20 million in financing for the Orange County acquisition, in addition to Shopoff’s buy of one other 14.1-acre parcel of the identical mall for $46.3 million, from Seritage Development Properties in July 2022. Extra financing features a mortgage for the property’s redevelopment from Hankey Capital, which additionally supplied Shopoff with senior financing for the July buy. Walker & Dunlop procured the senior debt, whereas Land Advisors Group represented the client.
Situated at 1025 Westminster Mall, the property, which was initially in-built 1977, in line with CommercialEdge information, has roughly 1.3 million sq. ft of retail on roughly 90 acres. Tenants embrace Goal, JCPenney and Macy’s. The mall additionally has direct freeway entry to Interstate 405 and is lower than 10 miles northwest of Huntington State Seashore, some 12 miles west of Irvine Enterprise Complicated and 13 miles east of the Port of Lengthy Seashore.
