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URW Sells Another Southern California Mall

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.


Inside The Story

URWSteerpoint CapitalNorth County Mall

About Mark Nieto

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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