Unibail-Rodamco-Westfield (URW) has completed the $537.5 million sale of Westfield Santa Anita in Arcadia, Calif., to an established commercial real estate investor that owns other retail assets in Southern California.
Westfield Santa Anita, an asset in URW’s U.S. regional portfolio, is an A-rated, 1.48 million-square-foot property, which is 96 percent leased and posts sales of $611 per square foot. The property’s first half 2022 tenant sales reached 93 percent of 2019 levels. The transaction is the largest for a mall in the United States since 2018, according to Eastdil Secured, which advised URW.
The sale of Santa Anita marks ongoing progress in the streamlining of URW’s regional asset portfolio, part of the group’s comprehensive deleveraging program that includes the radical reduction of its financial exposure to the United States. In total, URW has made $900 million disposals in the United States since 2021, including Westfield Santa Anita; the s
