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URW Sells The Village Shopping Center for $325M

URW Sells The Village Shopping Center for $325M

Unibail-Rodamco-Westfield (URW) has announced the sale of The Village, an outdoor shopping center in the San Fernando Valley of Los Angeles. LA Rams owner, The Kroenke Organization, purchased the retail asset for $325 million. URW’s flagship property in the area, Westfield Topanga, was not part of the transaction.

The Village is an A+-rated, 600,000-square-foot asset located next to the Promenade development site which URW recently sold for $150 million. With the sale of The Village, URW, the largest shopping center operator in Europe, has made $1.1 billion in total proceeds in the firm’s reduction of financial exposure in the U.S., including the disposition of the Westfield Santa Anita Mall for $537.5 million in August.

“This transaction is another step in the streamlining of our U.S. regional asset portfolio as part of our wider plan to radically reduce our financial exposure to the U.S. and demonstrates the continued investor interest in high quality assets with strong operating performance,” said URW CFO Fabrice Mouchel.

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URWWestfield The VillageFabrice Mouchel

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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