(Ipdated with additional information on square footage)
Unibail-Rodamco-Westfield, the owner of 16 retail centers across the U.S., told investors that it has agreed to sell San Jose’s Westfield Oakridge Mall to an undisclosed buyer, reported the Silicon Valley Business Journal. Located at 925 Blossom Hill Rd., Oakridge represents one of the company’s smallest retail malls at 108,300 square feet of gross leasable area, according to the Business Journal, although other sources put it at more than one million square feet.
The French real estate company did not disclose the sale price, but said it has received a $30 million non-refundable cash deposit as part of the sale agreement, the Business Journalreported. The transaction is expected to the close in the second quarter, the company said.
URW’s decision to sell Westfield Oakridge is part of the company’s plans to streamline its portfolio and significantly downsize its U.S. presence. Over the past two years, it has sold a number of California retail properties, most recently trading Valencia Town Center for $199 million.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-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 7-10 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).