Westfield America to Sell Cerritos Mall to Macerich
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Westfield America Inc., the largest shopping mall owner in California, said Thursday that it agreed to sell its Westfield Shoppingtown Cerritos mall in Cerritos to Macerich Co. for $188 million in cash and assumed debt.
Separately, the Los Angeles-based real estate investment trust said it bought the 50% it didn’t already own of Westfield Shoppingtown Valley Fair mall in San Jose for $152 million in cash and assumed debt.
The Cerritos property was sold to Santa Monica-based Macerich. Westfield bought the Valley Fair stake from Bethesda, Md.-based Rouse Co. Both deals are expected to be completed by the end of the second quarter, Westfield said.
The property is undergoing a $150-million redevelopment, and Westfield said it plans to bring in a financing partner.
Westfield owns 37 properties, with 20 malls in California. Shares of Westfield America, which is controlled by Australia’s Westfield Holdings Ltd., closed unchanged at $15.94 on the New York Stock Exchange.
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