French real estate developer Unibail-Rodamco-Westfield (URW) has completed the sale of the Westfield Santa Anita in Arcadia, CA to an undisclosed investor. The $537.5 million price tag is the largest mall transaction in the United States since 2018, according to Eastdil Secured, who advised URW.

The sale of Santa Anita marks ongoing progress in the streamlining of URW’s regional asset portfolio. The company is in the midst of a comprehensive deleveraging program that includes reduction of its financial exposure to the U.S., and has now made $900 million of disposals in this country since 2021. Other properties URW has sold in Southern California include the former Promenade Mall in Woodland Hills and the Palisade residential building in San Diego.

Westfield Santa Anita is a Class-A regional mall that is 96% leased to tenants including Nordstrom, Sephora, Michael Kors, Victoria’s Secret and Macy’s.