Unibail-Rodamco-Westfield, a leading real estate company with 16 retail centers in the U.S., has announced the sale of Westfield Oakridge Mall in San Jose to an undisclosed buyer. The transaction, which is expected to close in the second quarter, reflects URW’s strategy of streamlining its portfolio and reducing its presence in the U.S.
Located at 925 Blossom Hill Rd., Westfield Oakridge Mall spans over 108,300 square feet and represents one of URW’s smaller retail properties. While specific details about the sale price were not disclosed by the French company, it did reveal that it has received a non-refundable cash deposit of $30 million as part of the agreement.
URW’s decision to sell this property follows a trend seen over recent years where it has divested several California retail assets. Most recently, Valencia Town Center was sold for $199 million as part of this portfolio optimization plan.
This news comes from reliable sources reporting on Silicon Valley Business Journal without mentioning any specific names or brands associated with Connect CRE or Connect LA.
