Eastdil Secured is pleased to have served as exclusive financial advisor to Unibail-Rodamco-Westfield on its completed $537.5 million sale of Westfield Santa Anita in Arcadia, California to an established commercial real estate investor. The purchase price, funded by the investor through a combination of equity and new debt, reflects a sub-6% net initial yield.
“This transaction bodes well for the mall industry as a whole as it further demonstrates the private capital market’s recognition of the significant improvement in the sector’s operational performance,” said Chris Hoffmann, Managing Director at Eastdil Secured. “We see interest in owning high quality and irreplaceably located malls as increasingly diversifying.”
Westfield Santa Anita is a Class A, 1.48-million-square-foot property that is 96% leased, with sales exceeding $600 per square foot. According to Eastdil Secured data, this transaction represents the largest amount paid for a single mall asset in the U.S. since 2018, whether as a 100% or partial interest sale.