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URW Sells San Diego’s Mission Valley Retail to Lowe, Real Capital Solutions
Unibail-Rodamco-Westfield (URW) has sold both parcels comprising the 1.1-million-square-foot Mission Valley shopping center in San Diego. The transaction amounts to a total consideration of $290 million, including the sale of Westfield Mission Valley East to Lowe Enterprises and Real Capital Solutions, and Westfield Mission Valley West to Sunbelt Investment Holdings Inc.
Lowe and Real Capital Solutions intend to upgrade and reposition Mission Valley as a walkable, transit-oriented mixed-use village. Lowe will lead the project to implement a mixed-use concept that will refresh the existing retail and add complementary uses such as multifamily.
“We are well acquainted with this property and have long had an interest in its potential both as a thriving, ongoing retail destination and as an opportunity to bring much-needed housing to this community,” said Mike McNerney, EVP, Lowe.
For URW, the Mission Valley sale brings total proceeds from its U.S. deleveraging program to $1.7 billion.
- ◦Sale/Acquisition
- ◦Development
