Shopoff Acquires 14-Acres of Orange County Shopping Mall
The company has purchased a portion of Westminster Mall for $46.3 million.
WESTMINSTER, CA – Shopoff Realty Investments has acquired a 14.1-acre parcel of Westminster Mall in Westminster, CA. The real estate firm purchased the property from Seritage Growth Properties for $46.3 million.
The acquired land parcel includes a now-vacant former-Sears store, which offers Shopoff an opportunity for redevelopment.
In connection with the acquisition, investment firm Mavik Capital Management provided Shopoff with $20 million in strategic financing. Los Angeles-based bridge lender Hankey Capital provided Shopoff with senior financing for the initial acquisition and for the planned redevelopment of this portion of the Westminster Mall. Walker & Dunlop’s Mark Strauss and Rob Quarton procured the senior debt on behalf of the sponsorship.
Westminster Mall features 1.3 million square feet of retail space across 90 acres. The shopping destination is anchored by Target, JCPenny and Macy’s. The site offers direct freeway access to Interstate 405 and is located 15 minutes from Hunington State Beach.
“As the owners of various retail and commercial properties across the country, being able to purchase a portion of the iconic Westminster Mall is an exciting opportunity for our firm,” states Shopoff president and CEO William Shopoff. “We look forward to working with the city of Westminster to determine the future of this fantastic property, and ultimately breathing new life into the property for the city and its residents.”