Shopoff Acquires Another 12-Acre Parcel at Westminster Mall
Shopoff Realty Investments has acquired a 12-acre parcel that includes the operating Macy’s Department Store at Westminster Mall, in Westminster, CA. The property was purchased for $49 million, and Shopoff will lease back to the seller. In July, the company purchased the former Sears store at Westminster Mall for $46 million.
“This purchase provides a unique opportunity to our firm, as we now own a 26-acre piece of real estate in coastal Orange County, a significantly high-barrier-to-entry market,” said Shopoff President and CEO William Shopoff. “Under the agreement, Macy’s will continue to operate, and we will work with the City of Westminster on the redevelopment of this property.”
Westminster Mall houses 1.3 million square feet of retail on about 90 acres, and is only a 15-minute drive from Huntington State Beach.
Mavik Capital Management provided $20 million in acquisition financing, while Hankey Capital provided senior financing for the planned redevelopment.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.
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