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URW Trades Shopping Centers in Connecticut, Long Island for $196M
Unibail-Rodamco-Westfield (URW) has completed the sale of Westfield Trumbull, located in Trumbull, CT, and Westfield South Shore, located in Long Island’s Bay Shore, NY to an unidentified commercial real estate investment firm. The combined gross sale price of these wholly owned regional assets at $196 million is equal to their gross market value,
The sale reflects an initial yield of 9.5% on the in-place NOI. URW said both assets are B+-rated properties, with Trumbull being 1.3 million square feet and 85% leased, and South Shore being one million square feet and 89% leased.
With this transaction, URW has made $1.3 billion in total proceeds to date from its planned radical reduction of its financial exposure to the U.S., including the previously announced sales of The Village, Westfield Santa Anita, the Promenade development parcel and the Palisade residential building, along with the ownership transfer of five other regional properties.
- ◦Sale/Acquisition
