California + Los Angeles + Retail | September 5, 2023

URW Divests Valencia Town Center to Centennial for $199M

Dallas-based Centennial has acquired Westfield Valencia Town Center in Santa Clarita from Unibail-Rodamco-Westfield (URW), Although the buyer didn’t disclose the purchase, URW said separately that it had sold the one-million-square-foot regional shopping center for $199 million.

“We do envision some changes for Valencia Town Center, similar to the strategic redevelopments taking place now at Hawthorn and Fox Valley in the Chicago area,” said Carl Tash, CIO at Centennial. “While it is too soon to announce any definitive plans, Valencia Town Center is in the perfect location to become a multi-use live-work-play destination.”

For its part, URW, which has been divesting U.S. properties since 2021, said the sale of the 87% occupied Valencia Town Center represented “an alternative to the transfer of ownership back to its lenders.” The sale price reflected a less than 3% discount to the property’s last unaffected appraisal, said URW.

Connect Orange County will take place Sept. 27, 2023 at VEA | Newport Beach Marriott in Newport Beach, concurrently with Connect Healthcare Real Estate on Sept. 27 and 28. Click here to register for Connect Orange County, and here to register for Connect Healthcare Real Estate.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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