Westfield Shopping Center In Mission Valley Sells For $290 Million

(CTN News) – Unibail-Rodamco-Westfield has sold its two Mission Valley shopping centers, totaling 1.5 million square feet of space, for $290 million to two separate buyers.

Developer Lowe and real estate investor Real Capital Solutions acquired the 41-acre Westfield Mission Valley East mall at 1640 Camino del Rio North just east of Mission Center Road. The 1960-built mall is home to Target, Nordstrom Rack, Yard House, and others.

Also located at the center is the AMC Mission Valley 20 movie theater.

Lowe, which also owns the Town and Country resort in Mission Valley, plans to transform the mall into a mixed-use property with housing.

The renovation of the hotel complex included the removal of nearly 300 hotel rooms and the installation of hundreds of apartment units. The resort property was sold to Holland Partner Group several years ago, which built the housing on it.

Due to its location and dynamic Mission Valley area, this is one of our ideal targets. Joel Mayer, who runs Lowe’s retail division, told the Union-Tribune, “We know Mission Valley because we redeveloped the Town and Country hotel.” We cannot predict exactly what we will do, but we hope to do some residential.

At 1072 Camino del Rio North, Sunbelt Investment Holdings Inc. purchased the 19.8-acre Westfield Mission Valley West center anchored by Trader Joe’s and Old Navy.

It operates several strip malls in the area, including the Plaza Del Rio center just north of Mission Valley mall, and specializes in shopping centers.

Established in 1963, Mission Valley West is bounded by Camino De La Reina, Mission Center Road, Camino Del Rio North, and Camino Del Arroyo. Located on the southwest corner of the property is a Chevrolet dealership.

Both Mission Valley shopping centers have development potential, at least in part.

It is Mayer’s goal to transform Mission Valley East into a mixed-use, live-work-play environment with enhanced public spaces. Just days ago, Westfield secured a land-use change at the Mission Valley West property that allows for additional density, including housing.

In Mission Valley, adding housing is probably the most obvious solution. Due to its central location, Mission Valley is so connected to our region.

Nathan Moeder, a real estate analyst with London Moeder Advisors who has researched land values in the neighborhood, noted that these retail establishments have suffered for years.

It will feel more urban and exciting than just retail with asphalt parking if housing is built in East and West.

The Mission Valley properties were occupied at 71 percent when Unibail-Rodamco-Westfield sold them.

The Unibail-Rodamco Group acquired Westfield in 2018, creating Unibail-Rodamco-Westfield. Since 2021, the company has been selling off its U.S. assets.

Kroenke Organization purchased Woodland Hills’ The Village outdoor shopping center late last month for $325 million.

It also sold the leasehold for its Escondido mall in February for $57 million to Steerpoint Capital and Bridge Group Investments.

According to its press release, the firm has pocketed $1.7 billion from the sale of its U.S. entities.

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