Mall owner Westfield America Inc. will build a 178,000-sf building in a project valued at $30 million. Wal-Mart will lease all but 18,000 sf of additional shops, to be attached to the mall.
Wal-Mart and Westfield officials said the discount store should open in about 18 months following this week's approval of the deal.
However, Wal-Mart must first receive the unanimous consent of mall anchors J.C. Penney, Mervyn's, Robinsons-May and Sears.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.