Shopoff Realty Buys Another Parcel at Westminster Mall

Shopoff Realty Investments acquired an 11.9-acre parcel of Westminster Mall, in Westminster, California, which included an operating department store. The $49 million acquisition price included a lease back to the seller.

Shopoff previously purchased a 14.1-acre parcel of Westminster Mall, including a now-vacant former Sears store, in July 2022. The property was purchased for $46.3 million from Seritage Growth Properties.

The Westminster Mall houses approximately 1.3 million square feet of retail on approximately 90 acres, anchored by Target, JCPenney and Macy’s.

The site features direct access to I-405 and is in a central area of the county, surrounded by residential development that provides a customer base for the property. It is also a 15-minute drive from Huntington State Beach, 7.5 miles from Knott’s Berry Farm, 12 miles from the Irvine Business Complex, and less than 13 miles from the Port of Long Beach.

Mavik Capital Management, an opportunistic investment firm, provided $20 million in strategic financing in connection with the acquisition as well as Shopoff’s earlier acquisition of the former Sears store. Hankey Capital, a bridge lender based in Los Angeles, provided senior financing for the initial acquisition for the planned redevelopment of this portion of the Westminster Mall. Mark Strauss and Rob Quarton with Walker & Dunlop’s Irvine office procured the senior debt on behalf of the sponsorship. Lee Aarons with Land Advisors Organization’s Century City office represented Shopoff Realty Investments in acquiring the property.