Unibail-Rodamco-Westfield (URW) has sold Westfield Valencia Town Center, a Regional mall in Santa Clarita, California, to Centennial Real Estate (Centennial). 

Unibail-Rodamco-Westfield sells Westfield Valencia Town Center for $199 Million. – Unibail-Rodamco-Westfield

The property, renowned for its shopping and entertainment offerings, has been acquired for a total transaction value of $199 million, with URW retaining a 50% share. This strategic sale has not only surpassed the $195 million debt associated with the asset but also aids URW in achieving its deleveraging target.

URW’s decision to sell Westfield Valencia Town Center demonstrates the group’s commitment to reducing its debt load. The transaction value, only slightly discounted at less than 3% compared to the last unaffected appraisal, underscores the mall’s enduring appeal and market value.

Westfield Valencia Town Center, rated A-, boasts a retail space encompassing one million square feet, and it currently maintains an occupancy rate of 87%. The mall has long been a popular destination for Santa Clarita residents and visitors. 

The group’s approach to optimizing its portfolio includes several other transactions this year including Westfield Brandon, Westfield Mission Valley East and West, and Westfield North County. In 2022 they included The Promenade development parcel, The Village, Westfield Santa Anita, Westfield South Shore, and Westfield Trumbull.

Lastly, in 2021, they included, The Palisade residential building and the ownership transfer of five other regional properties.

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