Shopoff Realty Investments has purchased a 14-acre parcel of Westminster Mall in Westminster, CA which includes a now-vacant Sears store. The seller in the $46 million dollar transaction was Seritage Growth Properties. Mavik Capital Management provided $20 million in strategic financing and Hankey Capital provided senior financing for the planned redevelopment. Walker and Dunlop’s Mark Strauss and Rob Quarton procured the senior debt.
“As the owners of various retail and commercial properties across the country, being able to purchase a portion of the iconic Westminster Mall is an exciting opportunity. We look forward to working with the City of Westminster to determine the future of this fantastic property, and ultimately breathing new life into it,” said Shopoff President and CEO William Shopoff.
The Westminster site features direct freeway access to I-405 and is surrounded by various residential developments providing a steady customer base. The property is only a 15-minute drive from Huntington Beach and less than 13 miles from the Port of Long Beach.
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.