The report noted that the property, about 18 miles northeast of downtown Los Angeles, has 23 buildings and was completed in phases between 1974 to 2009. “This transaction bodes well for the mall industry as a whole as it further demonstrates the private capital market’s recognition of the significant improvement in the sector’s operational performance,” Chris Hoffmann, managing director of Eastdil Secured, said in a statement for an early CoStar story on the Arcadia transaction. Moreover, as the pandemic appears to be waning, market observers say there’s hope in the mall industry as customers come back. It is now called The Shops at Santa Anita.(File photo by Keith Birmingham, Pasadena Star-News/ SCNG)īut the Arcadia mall site has been thriving, achieving success through Asian retailers catering to the large Asian community in the city as well as the San Gabriel Valley as a whole. The Westfield Santa Anita mall in Arcadia was sold to a local man for $537.5 million in August. In some areas, vacant mall sites are the subject of efforts to repurpose. The losses in recent years have led to many anchor tenants leaving. It hasn’t helped that big retailers like Sears have closed. Some have struggled to attract foot traffic. Many malls took a hit during pandemic shutdowns. Rams, bought the empty Woodland Hills property. Billionaire Stanley Kroenke, owner of the L.A. The San Fernando Valley property sold for $150 million. Part of its divestiture of “non-core” assets in the U.S, along with Westfield Santa Anita, the “deleveraging” includes the former Promenade Mall in the west San Fernando Valley, and the Palisade building in San Diego. URW acquired the Santa Anita mall in 2018 as part of its $15.7 billion acquisition of Australia-based Westfield, which had owned and operated the mall since 2007.īut the French company has been making headlines of late as it unloads big-name mall properties in Southern California.
(Photo by Dean Musgrove, Los Angeles Daily News/SCNG) The Shops at Santa Anita in Arcadia on Thursday, September 22, 2022. Chang - who could not be reached for comment - now becomes the proprietor of a massive mall and property owned previously this century by two other companies.
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