Westfield Mission Valley “East”. Picture courtesy of Lowe
As a part of its multi-year deleveraging technique, Unibail-Rodamco-Westfield has accomplished the sale of two parcels comprising the 1.5 million-square-foot Westfield Mission Valley procuring middle in San Diego. The offers amounted to a complete of $290 million.
Lowe—previously Lowe Enterprises—and Actual Capital Options bought the roughly 1.1 million-square-foot Westfield Mission Valley “East” open-air middle, whereas Sunbelt Funding Holdings Inc. picked up the Westfield Mission Valley “West” energy middle.
The asset opened within the early Nineteen Sixties and final underwent a big renovation within the Nineteen Nineties. On the time of the sale, the Class B property had an total occupancy of 71 p.c.
Lowe and RCS revealed that they plan to reposition the 41-acre open-air middle as a transit-oriented mixed-use village by refreshing the retail services and including multifamily. The repositioning will fall below Lowe’s Retail reVision platform, launched in 2020.
Positioned at 1640 Camino del Rio N., reverse the San Diego Trolley’s Mission Valley Heart Station, the property has quick access to interstates 8 and 805, in addition to Freeway 163.
The middle’s present tenant combine consists of Goal, Nordstrom Rack, Macy’s Dwelling, Michael’s, Bloomingdale’s Outlet, 24-Hour Health, AMC Mission Valley 20 theaters. Yard Home, Outback and Buffalo Wild Wings are a number of the eating choices on the location.
Sunbelt Funding Holdings at the moment owns and operates 20 neighborhood and energy procuring facilities totaling greater than 3.5 million sq. toes of leasable house in Southern California and Arizona. The corporate additionally has land holdings in Arizona totaling greater than 2,200 acres.
San Diego’s wholesome retail market
In February, URW offered its 1.2 million-square-foot North County Mall, within the San Diego suburb of Escondido, to Bridge Group Investments and Steerpoint Capital. The middle is anchored by Macy’s, JCPenney and Goal.
Metro San Diego’s retail market is seeing rental charges and building deliveries trending up year-over-year, whereas emptiness charges decline, in keeping with a second-quarter report from Kidder Mathews. In June, about 516,000 sq. toes of retail house was below building within the metro, up 8.7 p.c for the reason that identical interval final yr. The market’s total emptiness hit 4.1 p.c on the finish of the second quarter, marking a virtually 2.4 p.c lower year-over-year.
