URW Sells Another Southern California Mall
Following on the heels of dispositions of the Westfield Santa Anita in August and The Village in December, Unibail-Rodamco-Westfield (URW) has unloaded another Southern California shopping center, this time in Escondido, CA. Bridge Group Investments and Steerpoint Capital have acquired URW’s 1.3-million-square-foot North County Mall for a reported $57 million.
The property is the fourth mall that Bridge Group has purchased over the past six months with Steerpoint Capital, and plans to “bring new investment and retail opportunities to the mall and are committed to working with and supporting the local community,” according to a press release from the City of Escondido.
Current tenants at North County Mall include Target, Macy’s, JC Penney, Apple, 24 Hour Fitness, BJ’s Restaurant and Cheesecake Factory. Europe-based URW has made it clear it is reducing its financial exposure in the U.S., and this sale appears to be part of the process. URW will continue to maintain its leasehold interest in the mall, which expires in 2053.